Binance, the world’s leading cryptocurrency exchange, has completed its 7th annual burn of Binance Coin (BNB). As it happened with the last few previous burns, the price has failed to increase and remains rather stagnant.
Binance Completes Another Scheduled BNB Burn
In an official release, Binance has announced that it has completed its 7th quarterly BNB token burn.
Binance burns BNB worth 20% of its quarterly profits. This time, binance burned 828,888 BNB which is roughly worth around $15.6 million. This means that in Q1 of 2019, Binance has brought up roughly around $78 million in profits.
To compare it, the previous token burn was in January 2019. It saw a total of 1,623,818 BNB tokens destroyed which were then worth around $9.4 million. In other words, for the last quarter of 2018, Binanc had a profit of around $47 million.
Given the above, it means that Binance’s quarterly profits have increased by about 66 percent over the previous quarter.
It’s also worth noting that because of the strong price performance of BNB since the beginning of 2019, the amount of BNB burned this time was around half compared to the previous burn and yet its value was twice as greater.
It’s undoubted that the leading cryptocurrency exchange, in general, is now receiving more positivity from the crypto community.
The cryptocurrency exchange seems to be doing all the right moves, especially after it announced that it will delist Craig Wright’s Bitcoin SV following the recently ongoing feud.
Changpeng Zhao, the CEO of Binance, has established himself as a major proponent in the industry, constantly advocating for further improvement and advancement of the entire cryptocurrency community and the industry itself.
While the price of Binance Coin (BNB) might have failed to react to the recent burn, its overall perspective remains positive. Binance continues to conduct particularly successful Initial Exchange Offerings which are seeing unparalleled demand.
Now that the exchange has also implemented a new format which requires users to hold BNB over a selected period of time, it could easily be the case that its value will increase for the long run.