Binance Coin (BNB) is a cryptocurrency that can be used to trade and pay fees on the Binance cryptocurrency exchange. The Binance exchange is the largest cryptocurrency exchange in the world as of January 2018, facilitating more than 1.4 million transactions per second.
Binance Coin users receive discounted transaction fees on the Binance exchange as an incentive. BNB can also be exchanged or traded for other cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, etc.
Binance Coin was created in July 2017 and initially operated on the Ethereum blockchain with the ERC-20 token before becoming the native currency on Binance’s blockchain, the Binance Chain.