Binance Completes 6th Coin Burn

Binance has successfuly completed their 6th coin burn, burning 1,623,818 BNB which is valued around $9.4 million (R128 million) on January 16th 2019. This burn corresponds to the period between October 1 and December 31, 2018 where 1,643,986 BNB was burned in their fifth BNB burn.

( Coin burn refers to the process of simply sending a certain amount of tokens to an address that cannot be accessed on that particular blockchain.)

Burn Txid:

The CEO of Binance, Changpeng Zhao reflected on the time when he first burnt around $1.5 billion dollars of worth BNB and at that time, he was nervous as hell. Changpeng Zhao also gave his insight on the current market and what he is excited about in Q1 2019:

“I am not much worried about this market-driven movement. Markets always overreact. Around this time last year, the market overreacted too much on the positive side. I am hoping that this year, the market overreacted too much on the negative side, but you never know. I do know that, in the long run, the BUIDLers win. People who consistently work hard to create value, day in and day out, during both bull markets and bear markets, will eventually win. That’s our focus, it’s long term.”

- Advertisement -

Moreover, CZ added:

“Regardless of market overreactions, during the peak of last year, we did not over hire. Even during the recent bear markets, Binance never had any layoffs. We have been steadily growing in headcount. We are hiring.”

CZ also commented on Binance Chain and Binance DEX, which will be launching soon, in which he believes it will boost the utility of BNB.

CZ, and Binance continue to strive forward, despite the bear market.

- Advertisement -
Leigh Williams
Leigh Williams is a fintech, blockchain and cryptocurrency writer


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Binance Launches New Fiat On-Ramp for the South African Rand (ZAR)

Binance has announced the opening of a new fiat on-ramp for the South African Rand (ZAR). Users are now able to deposit...

SA Cryptocurrency exchange, iCE3X, launches it’s own utility token: AIC

JOHANNESBURG, South Africa - March 2020. SA Cryptocurrency exchange, iCE3X, has launched a native utility token called Artificial Intelligence Coin (AIC). AIC...

Top 10 African women to watch​ in bitcoin & blockchain

Global Bitcoin marketplace PAXFUL, launches annual list of top 10 10 African women to watch, ​in Bitcoin and Blockchain.

What Is FinTech? Everything you need to know.

FinTech, short for Financial Technology is quickly shaping the financial industry through innovation and technology. This multi-billion Rand industry is redefining everyday...

Facebook’s Libra Project Development Update

The Libra Association have published an update on Libra's development progress in blog post titled “5 months and growing strong”. The update...

Follow CryptoLive