Binance's BNB tokens had a successful 22nd quarterly burn, with a total of 2,064,494 BNB destroyed

It was a happy ending scene of Binance completed its 22nd quarterly BNB burn for a total of 2,064,494 BNB. 

Binance, one of the leading cryptocurrency trading sites worldwide. The burning of the token took place on December 15, 2020, with a total burn of approximately 8,657,700,000.843 BNB (valued at approximately $176 million at the time of burning) permanently.

Ref.  Binance on Twitter 

Binance reaffirms its commitment to stabilizing by burning tokens as part of Binance's ongoing commitment to increasing the utility and value of the token by reducing its total supply.

According to the report, Binance will use 20% of its quarterly profit to buy back and burn BNB until half of its total supply of 100,000,000 BNB is reached.

Binance's Q22 token burn is indicative of its commitment to improving the stability and overall health of the Binance ecosystem.


Source Link:  Binance Support

 Photo Credit: Link