Binance is on fire collecting $ 410,000 for flood victims

Binance, one of the largest exchanges in the world, has made a promise in its white paper to return a portion of the profits to the investors of the stock exchange through a regular Coin Burn. The quarterly Coin Burn was successfully completed and a large part of Binance Coins destroyed. Binance has also raised $ 410,000 in additional donations to flood victims in Japan.

Binance ran the last Coin Burn on 15.04.2018, in which a total of 2,220,314 Binance coins were “burned”. Binance is committed to co-burning once a quarter, using 20% ​​of the company’s profits to buy back and burn Binance Coins, the Exchange’s own cryptocurrency.

This is intended to reduce the total supply, ie the number of circulating binance coins, in order to increase their value. This time, 2,528,767 BNB were burned, slightly more than the last time. This is an approximate equivalent of $ 30 million.

The price of the Binance Coin showed no visible reaction to the Coin Burn, so that the price per BNB at the time of writing stands at 11.02 euros and recorded a price decline of 6.13 percent within the last 24 hours. With a market capitalization of just under one billion euros, the cryptocurrency ranks 19th in the ranking.