Over $20 Million Worth of Binance’s Team BNB Destroyed as ‘burn’ ritual

One of the most renowned exchanges in the world, Binance has announced the completion of its quarterly “burn” of Binance coin (BNB) tokens. According to the announcement, this is the eighth one. The term burn, drawn from their post on Friday, July 12 stands for destroying tokens in the crypto industry. Binance white paper involves this quarterly “burn” ritual and involved 808,888 BNB previously allocated to the Binance team.
The BNB burned amounts to about $23.8 million, Binance said but the amount in dollars turned out to be over $3 million higher than they stated upon further findings by a news desk.  “Starting with this burn, Binance will relinquish the BNB tokens allocated to the Binance team and contribute this BNB towards our commitment to burning a total of 100 million BNB,” said the exchange. The exchange explained that the team’s 80,000,000 BNB allocated tokens make up 40 percent of the total BNB supply.
The firm said as well in a blog post on the burn that the tokens had been allocated to “reward to the work they have put into building the Binance ecosystem.” “The eventual total supply of BNB will still be 100,000,000 BNB. The current total supply of BNB is 189,000,000 BNB, which means that 89,000,000 BNB still need to be burned,” said the firm, as they added, “The team will burn off the 80,000,000 BNB team allocation first, and the remaining 9,000,000 BNB will be burned by Binance.com exchange.”
When asked in an interview if compensation will accrue to the team for the millions in BNB burned, Zhao Binance CEO Changpeng “CZ” said: “Binance still earns revenues and is a profitable organization. They get paid in BNB, little by little.”
BNB was worth almost $32, up 5.95 percent over 24 hours, at the time of the announcement, the coin, however, sits at $ 28.11 at the time of this writing.

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Credit – Daniel Palmer

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