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Binance Completes 9th Quarterly Coin Burning

Neironix
October 17, 2019 12:00 AM
716 Просмотры
Binance Completes 9th Quarterly Coin Burning

The exchange destroyed 2,061,888 BNB totaling $36.7 million in the ninth quarterly burning of coins, Binance reported.

The Block analyst Larry Cermak commented on the burning of tokens and indicated that the volume of tokens for destruction is 20% of Binance's profit for the quarter. Therefore, the exchange’s income in the third quarter amounted to $186 million, thus exceeding the indicators of the second and third quarters taken together - Larry Cermak said.

The analyst also said that trading volumes on the spot market have fallen sharply in the past months. Despite the fact that market players did not show much activity, this quarter was the second most successful in the history of the exchange.

Recall that Binance must burn BNB tokens every quarter until it withdraws 100 million coins out of circulation. 14.5 million BNB were destroyed over the past nine quarters, another 85.5 million remained.