Earlier this week, the world’s biggest crypto platform, Binance announced that they had finished their 9th quarterly BNB token burn in accordance with the token’s whitepaper. During this whole process, more than two million BNB tokens worth up to around $37 million were burnt.
Whereas this is a huge burn of BNB, it isn’t the biggest. The biggest burn of the tokens was their second quarterly burn of 1.8 million Binance Coin, which was worth around $40 million at the time.
Writing in a blog post on the official website, the CEO of the platform, Changpeng Zhao (CZ) expressed his thoughts on the matter and the BNB token’s performance over the third quarter of this year.
“This number represents significant growth over the last quarter. Key contributing factors to this growth include new services like Margin trading, an increased number of fiat on-ramps to make purchasing cryptocurrencies more accessible, and a multitude of other services we introduced that are beginning to bear fruit.”
The CEO went onto say that the contributions from their newly launched Futures trading platform are looking like they might get a kick in the fourth quarter of 2019. CZ went onto say that the token has outgrown its dependence on reducing supply to increase value when the majority of the value comes from its utility. Zhao went even further to clarify that they don’t buy back tokens of BNB to conduct burns.
“We believe this does not, in fact, achieve anything; it only indicates that those platforms are not holding their own tokens. They probably sell their tokens the minute they receive them. Would you want to hold their tokens when the platforms don’t hold it themselves?”
The post went onto detail how Binance Futures has already recorded higher volumes than their spot market and is now ranked second in terms of trading volume for crypto futures platforms despite only seeing a launch in September.
As per AMB Crypto, CZ also spoke on the BUSD and how it is accepted by the government in Bermuda for payment of government taxes and plans to increase the volume of BUSD trading pairs on the platform:
“I know for a fact that the long-term winners are the people who build products that other people use, and we intend to continue to do that furiously.”