Binance Coin (BNB) is a token released by the Binance exchange, which came into life as a result of a recently held ICO.
Binance is run by an ambitious team and in a short space of time has become the 11th biggest exchange according to trade volume. Its BNB coin enables customers to enjoy reduced fees when trading cryptocurrencies that are paired against BNB and traders can receive discounts on exchanges, withdrawals and listing fees.
For its first year, there is a 50% discount rate on trading fees, dropping to 25% in the second year and halving again in each of the subsequent two years. In addition to offering discounts on fees, Binance also engages its community via polls, promotions, and special giveaways, which continue to attract new users.
As BNB is linked to the Binance exchange, its value increases with increased usage on the platform and Binance looks set to continue its rise up the ranking. BNB currently trades just under $1.6 and holds a market cap of around $160M, earlier this year it reaches its all-time high price of $2.92.