With the cryptocurrency industry growing, sector growth is happening not in the conceived companies and projects but also on the basis of some entities’ magnitude, according to Cointelegraph. Binance, deemed a major cryptocurrency exchange, has the cryptocurrency BNB, formerly known as Binance Coin, is traded under the symbol BNB.
According to the publication, the usage of BNB ranges from various kinds of activities which include payment of fees on BNB’s blockchains to collateral on Binance’s lending. Entities can even use BNB to hold and transfer value. Some of the uses of BNB are mentioned below:
BNB can be used as a payment method for projects on the BNB Smart Chain, and also for fees payment through BNB when a decentralised application (dApp) such as a decentralised exchange (DEX) on BNB Smart Chain is used. BNB can be used for facilities such as decentralised finance (DeFi), liquidity pools, DEX trading, and non-fungible token (NFT) marketplace payments.
Value storage and transaction vehicle
BNB allows holders to store their assets without the intervention of a third party. As BNB’s price changes due to factors such as parties trading the asset for profit or using it for fees in Binance environment, it can serve as a value of storage and transfer.
Other BNB uses
Users can make use of BNB as a method to generate passive income. The solutions reward users with percentage gains if they put their assets into one of the products. A range of products under the Binance Earn segment provide options to utilise BNB, as BNB can be used as a form of payment through Binance card to pay for shopping bills. Moreover, users can gain access to cryptocurrency loans without any fee or penalty by staking BNB as collateral. They can borrow Ether, Bitcoin, Binance USD, Tether and other cryptocurrencies for a term ranging from seven to 180 days. BNB can also be made available for payments related to accommodations, travel, shopping, real estate, and gaming.
(With insights from Cointelegraph)