Now Reading
Binance Completes 6th Coin Burn

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.”

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.

Investing in digital assets is highly risky and speculative. A qualified professional should always be consulted before making any financial decisions. CryptoLive makes no representations or warranties as to the accuracy or timeliness of the information contained on the site. None of the information you read on CryptoLive should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoLive is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.

Get started with just R10

Trade the largest selection of cryptocurrencies available in South Africa by signing up to VALR, and receive a 10% rebate on your trading costs, up to a total of R1,500 using our link. Sign up to VALR

What's Your Reaction?
In Love
Not Sure
Scroll To Top