The Binance Coin (BNB) Token that gives users discounts on the popular exchange has corrected course and shot up considerably. Many believe the key driver here is Binance’s upcoming buy-back. The exchange annually buys back up to 20% of its profits’ worth of BNB tokens and then destroys the repurchased tokens, as part of its design. The initial amount generated was 200 million, and there are 190 million left in existence. In addition, a deal was announced with Tripio. The latter added the crypto token as as payment option to allow Binance’s 10 million users to make reservations at 450,000 hotels worldwide. Lastly, the surge in price might also be slightly attributable to a contest going with Decentraland (MANA).
— Binance (@binance) December 4, 2018
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Binance (BNB) also talked today about the launch of their new “Binance Chain,” a homemade blockchain.
“Binance is pushing for blockchain adoption and doing many things to help advancement of the industry. E.g. we will have the Binance chain ready in the coming months, on which millions of projects can easily issue tokens.”
Covering CZ’s talk at the event was Forbes’ staff reporter, Michael del Castillo, who quoted the CEO saying:
We are launching Binancechain very soon, in a couple of months or so, and you will be able to issue tokens on that… I think there will be millions of coins and thousands of blockchains.
Total crypto market capitalization has managed to bounce back to yesterday’s levels after hitting a low of $124 billion a couple of hours ago. At the time of writing it is around $129 billion which is no gain over Monday. Since last Tuesday markets have gained 4% but since the same time last month they have been smashed 38%.