Binance burns $444 million of its BNB cryptocurrency
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Answer Binance burns $444 million of its BNB cryptocurrency
Cryptocurrency exchange Binance has announced that it has completed its 20th quarterly burn of its BNB cryptocurrency.
According For the official blogNearly 1.96 million BNB (approximately $444.6 million) were burned in the process.
It is worth noting that this is the third quarterly burning process that uses the relatively new automatic burning feature.
In previous BNB burns, the proceeds generated by the central exchange Binance were used.
While for the time being, the old mechanism has been replaced by the “BNB Auto-Burn” mechanism, a move the platform expects to make the process more objective and visible to the community.
The rollout of the “BEP-95” protocol in November 2021 paved the way for Binance’s BNB auto-burning mechanism in an effort to help burn BNB tokens faster.
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The 20th burn comes amid a major turmoil in the crypto market.
The price of the digital currency BNB has suffered notable declines over the past two months.
At the beginning of the year, BNB was trading above $500. The price has fallen by about 60% since then.
CZ, CEO of Binance, commented on the bearish momentum chasing the market and said:
During this downturn and all previous market cycles, our goal is to continue building and investing in industry and projects to stimulate adoption and increase infrastructure growth.
Historically, bear markets have been great periods of long-term focused construction.
This time around, we remain optimistic about our ability to support organizations looking to build innovative long-term solutions for our industry.
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