BNB, also known as Binance Coin, is a cryptocurrency developed by Binance – one of the world’s largest crypto exchanges. Originally launched as a tool to pay trading fees on the platform, BNB has since grown into a central component of the entire Binance ecosystem. Today, it is used in everything from decentralized applications (dApps) to payments, token launches, and NFT marketplaces. The cryptocurrency is built on Binance Chain and Binance Smart Chain, enabling fast and cost-efficient transactions. BNB uses the consensus mechanism Proof of Staked Authority (PoSA), a combination of Proof of Stake and Proof of Authority.
If you choose to hold this asset in Safello's wallet, the holding is solely for investment purposes. You cannot use features linked to the asset's network or protocol – such as governance voting rights or staking rewards – through Safello's platform.
Safello does not currently offer withdrawals for this asset, which means that you cannot transfer the holding to a self-hosted wallet via Safello in order to activate such features.
The current BNB price is primarily influenced by activity within the Binance network, demand in DeFi, and token burns. Technical updates and partnerships in the crypto space are also significant factors that directly affect the current price. Additionally, regulations, market psychology, and the general interest in blockchain technology all play an important role in how the BNB price evolves over time.
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