The crypto-exchange platform, Binnace announced the burning of a significant percentage of its BNB tokens, worth about $ 1,500,000 , as part of the path set by the team in its whitepaper.
In total, 986,000 BNB will be burned, or 20% of the profits of the first quarter of 2017 , following the strategy specified in the company's whitepaper , which announces that each quarter would use 20% of the profits to repurchase and burn BNB, to reach 50% of the total tokens, or 100 million BNB, one of the promises made to investors of the Initial Currency Offer (ICO) of Binance.
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Binance's profit in the first quarter was $ 7.5 million, not bad for a project that has only three months. Especially considering that "alone" we raised 15 million in our own ICO three months ago.
Chanpeng Zao
CEO, Binance
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<iframe width="805" height="453" src="
frameborder="0" allowfullscreen></iframe>Binance is a house of change created by Chanpeng Zao, who together with a team of specialists in finance and cryptography decided to undertake this project which has the capacity to process up to 1,400,000 orders per second with cryptones, such as itcoin, ether, litecoin and BNB to his credit. The exchange house has its own App, available for iOS and Android.
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In our second month we had to deal with one of the most unexpected turns in the regulatory space in China. We had to stop our ICO platform, eliminate a large volume of currencies and issue reimbursements to all ICOs we had just completed. All these decisions involved huge loss of money. But we were lucky, we survived.
Chanpeng Zao
CEO, Binance
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The company had to deal with the ban on the realization of ICOs in China , having to eliminate all projects that had enlisted and reimbursed the resources obtained. However, after the end of its first quarter of operations - with a first month in which they operated their exchange scheme without commissions to attract more users - they have been able to comply with the established in the whitepaper, in a gesture of commitment with the investors, Zhao wrote via LinkedIn .
To learn more about Bince you can access their profiles on social networks:Facebook:
https://www.facebook.com/binanceexchange/
Twitter: @ binance_2017
Telegram: https://t.me/joinchat/GkQAURGAE2n4hjdYpA7ehw
Instagram: @binanceexchange
Fuente: https://goo.gl/9FB7EP
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