Binance Team Give Up Allocated BNB for Burn

Binance Team Give Up Allocated BNB for Burn

Every quarter, Binance burn a large number of its native coin, BNB. which has so far happened 7 times. However, for the 8th burn, things will be a little bit different.

In a letter penned by Binance CEO, Changpeng Zhao, he announced that the 8th burn from the company of their native coin, BNB, will consist of the staff’s own funds. In total, this latest burn saw 100 million BNB burnt, which will include 808,888 BNB, valued at $23,838,000, which formerly belonged to the Binance staff.

As per the company’s whitepaper, the staff at binance were entitled to 40% of the total supply, to reward them for the work they put into the company. This will no longer be the case with the team giving up their share of the coins. The company’s employees share of the burn, will leave just 9,000,000 BNB to be burnt from the exchange itself.

While employees will are still likely going to be the biggest stakeholders, due to the Binance’s revenue and employees being paid in BNB, all BNB owned by employees will now be “earned through our services or bought with our own money”.  According to CZ, this will be done as a demonstration to show that “the Binance team is not money-driven. We are here on a mission. Let’s work together to increase the freedom of money”.

The burn and its details come just one day after Binance launched their margin trading option on their site to further accommodate for users and dedicate themselves to the needs of the industry.

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