The heart of the whole BNB ecosystem revolves around the Binance coin (BNB).
Fun fact: BNB was initially created on the Ethereum blockchain as an ERC-20 token before it became the native cryptocurrency of Binance’s own blockchain.
So what can you use BNB for?
Trading Fees on Binance
As mentioned, BNB’s main use case is largely used for paying transaction fees on the Binance exchange. By using BNB as a medium for transaction fees, users can get a discount on transaction fees up to 25% off. This is a great deal for crypto traders who would like to keep their trading fees low.
Spend on Goods & Services
As of April 2022, BNB has also shown greater worth by going beyond the Binance exchange to expand its token’s utility. Users are able to use Binance coin (BNB) in a network of merchants and establishments. One of the first real-life applications is the ability to spend BNB on TrabelByBit – a flight booking website. More recently, a hotel booking service Travala.com has announced a merger with TravelByBit, where both companies are backed by Binance. This merger provides over 2 million hotels and 600 airlines to book from with cryptocurrencies as payment.
Other than that, BNB is also being used as a payment method on other platforms like Pundi X – a crypto point-of-sale solutions provider, MORE – a private nightclub, and Crypto.com – a blockchain payments company.
Social Media Services
BNB became a value add within social media. BNB can be bought on crypto-centric social media networks via API exchange integration. Besides that, BNB is also used as a gift token on live streaming platforms where social media influencers can earn BNB coins.