Binance Coin

Binance Coin, as the name suggests, is the native currency of one of the world’s largest cryptocurrency exchanges — Binance. Having a native cryptocurrency on an exchange is a popular method to add utility through blockchain tokens allowing users to make use of the coin for certain roles on the platform.

Binance Coin is a key example of a good utility token — its main uses are for trading and paying fees on Binance, and within this, there are incentives to use BNB as a conduit to trading. Because of this, and the size of Binance, BNB has become one of the largest cryptocurrencies by market cap.

BNB is a semi-decentralized cryptocurrency, and while its uses are intended to be mainly for the movement around the exchange, there are also moves to maintain its value — such as token burns. But for the majority, BNB is used in trading pairs, for discounted trading fees, payment processing, investment and DeFi loans and transfers.

As Binance is such a large player in the space, the fact that it's token is so popular and widely used is not too surprising. In saying that, the fact that it competes as one of the largest coins on the market is testament to the exchange.