BNB and KCS Initiate Quarterly Token Burn
The multi-national digital trading platform, Binance, has recently revealed its BNB token burn during the final quarter of 2018. The company revealed its coin burn on Twitter after Changpeng Zhao, its chief executive officer, and founder, posted saying that the company is conducting a final round up and the coin burn’s date will be announced shortly.
The announcement of the latest coin burn complies with Binance’s original paper, explaining that the company will repurchase its native BNB tokens each quarter and burn the coins until a fifty percent buy-back is complete. Every transaction by the company in regards to re-acquired BNB coins will be made public on the company’s blockchain and a total of 100 million coins will be destroyed to keep the count at 100 million leftover BNB coins.
Last year, the company burned almost one million native coins from its total platform count in October. Another burning followed during the first month of 2018 and burned almost two million coins, a much larger amount than 2017. In April of 2018, the company destroyed around $30 million worth of BNB as part of its Q3 project.
Following the announcement of coin burning in April, BNB’s price dropped due to traders buying in on the rumors. The company’s coin saw a drop of almost 10% against Bitcoin immediately after.
KuCoin’s KCS coin is currently undergoing its Q3 yearly token burn as part of the cryptocurrencies quarterly burning. The company destroys its own currency in methods similar to that of Binance.
KuCoin has stated that through complying with its whitepaper, the company spent ten percent of its own assets from its Q3 to purchase back and burn KCS tokens totaling to almost 400K coins. As of now, the exchange’s total supply of native coins is at around 180M and KCS coins in circulation amount to around 90M.