The usage of Binance Coin is in line with the growth of Binance. The asset started out as a tool to raise funds for the Binance exchange. Binance quickly gained huge traction as a cryptocurrency exchange after its launch in 2017. Binance has grown from an exchange platform to an ecosystem under the umbrella of the Binance brand.
Over the years, Binance has launched a DEX, two blockchains, a peer-to-peer (P2P) crypto trading option, a crypto lending option, and more. The growth of BNB is in line with the expansion of Binance.
Users can pay for transactions on Binance Exchange using BNB coins. The BNB coin has historically been a fee reduction method for the Binance crypto exchange, where customers of the exchange pay lower fees by holding BNB and paying platform fees in BNB. Binance is extending the option to receive a 25% transaction fee waiver when paying with BNB until July 13, 2022 at 11:59:59 PM UTC. In addition, BNB has also become an integral part of other Binance products.
Additionally, merchants can accept BNB as a payment method, thus giving customers more choices in terms of payment methods. Additionally, BNB is used for various things in the entertainment industry, from paying for virtual gifts to buying lottery tickets.
Binance Coin can be used to invest in stocks, exchange-traded funds (ETFs) and other assets on various platforms. On some platforms, BNB can be used as collateral for loans. Some apps allow users to use Binance Coin to split fees and pay friends and relatives.