Binance exchange just completed its latest BNB burn.
As reported by Whale Alert, Binance has burned a total of 1,830,382 BNB out of circulation, which is equivalent to 772,363,806 USD.
Since launched in 2017, the company has committed to burning 100 million BNB or half of the total supply out of circulation, through a process known as “burning”.
Unlike Binance’s previous quarterly BNB burns, the amount of BNB burned is calculated automatically according to the Auto-Burn BNB feature that Binance recently introduced.
“The Auto-Burn BNB implementation is a natural next step in BNB’s growth journey, which enhances autonomy,” said Changpeng Zhao (CZ), co-founder and CEO and transparency in the burning of BNB.
Currently, BNB price remains stable above the $400 threshold, trading at $423 at press time, up 6% over the past 24 hours.
Coin burn is the process of permanently removing a number of cryptocurrencies from circulation, in order to reduce the total supply. This in the long run will make the coin scarce and can help increase in value.