Binance, the world's top exchange by trading volume, says it has completed the eight quarterly "burn" of Binance coin (BNB) tokens.
The exchange posted Friday that the burn – the industry term for destroying tokens – comes in accordance with its white paper and involved 808,888 BNB previously allocated to the Binance team.
The amount was worth around $23.8 million, Binance said, though CoinDesk found the total higher at $26.4 million at time of writing. At press time, BNB was worth almost $32, up 5.95 percent over 24 hours, according to CoinMarketCap.
The burn transaction can be seen here and in the image below.
"Starting with this burn, Binance will relinquish the BNB tokens allocated to the Binance team and contribute this BNB towards our commitment to burning a total of 100 million BNB," said the exchange.
Binance indicated that the team's 80,000,000 BNB allocated tokens make up 40 percent of the total BNB supply.
In a blog post on the burn, the firm said the tokens had been allocated to "reward to the work they have put into building the Binance ecosystem."
"The eventual total supply of BNB will still be 100,000,000 BNB. The current total supply of BNB is 189,000,000 BNB, which means that 89,000,000 BNB still need to be burned," said the firm, adding:
CoinDesk reached out to ask if the team will in some way compensated for relinquishing the millions in BNB.
Binance CEO Changpeng "CZ" Zhao said:
CZ image courtesy of Binance
Read more about
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.