Binance, in a recent update, announced that it has completed its 9th BNB Token Burn. A total of 2.1 BNB coins have been burnt. The figures are more than Q2 and Q3 combined.
Profits Worth $186 Million Made by Binance in Q3
Binance burns 20% of its profits every quarter. Thus, it can be deduced that it made profits worth $186 million in Q3. The leading cryptocurrency exchanges had tweaked its whitepaper earlier to remove the clause of burning 20% profits. However, the figures are the same, as confirmed by a Binance spokesperson.
Binance CEO, Changpeng Zhao (CZ), also posted a tweet sharing his enthusiasm and announcing the token burn. He said its a big announcement and if the audiences are worried about crypto they shouldn’t be!
Leading data researcher Larry Cermak shared that Binance burns 20% of profits every quarter until 100 million BNB is burned. So far, in the last 9 quarters, Binance burned 14.5 million BNB, which means it still has to burn 85.5 million. He further said that Binance cumulatively crossed $1 Billion in profit and Binance has indeed diversified its stream of revenue.
Speculations behind the token burn started surfacing when 2.29M BNB ($41.86M) were transferred from Binance to an unknown wallet. The speculations oscillated between a figure of 925K to even 2.3 M.
The first, second, third and fourth quarter of 2018 saw 986K, 1.82M, 2.22M, and 2.53 M BNB being burnt respectively, whereas, 1.62 M and 830K BNB were burnt in the first and second quarter of 2019. Furthermore, profits worth $50,013, 594 and $78,009,472 were made in 2019’s first two quarters.
Also, per a blog post on Sept. 12, Binance had announced that it will include all its products into quarterly BNB burns in accordance with community feedback. The new BNB burning practice will include tokens from Binance Futures. The last BNB token burn took place on the 11th of July. It was the 8th BNB token burn which removed 830K BNB tokens. Also, BNB slipped 5% on the day the burn was completed.
BNB Price Charts
At press time, BNB is trading at $18.18 with a price decline of 0.8%, as per data provided by CoinMarketCap.
Will BNB price show a rise or a decline? Let us know, what you think in the comments below!
The post Binance Rakes in $186 MM in Profits in Q3 2019; Burns 2.1 MM Binance Coin [BNB] appeared first on Coingape.