Binance Destroys $639 Million Worth of BNB

Binance Destroys $639 Million Worth of BNB

Leading cryptocurrency exchange Binance has announced the completion of its 17th quarterly burn.The company destroyed more than 1.3 million BNB tokens that were cumulatively worth roughly $639 million.This marks Binance's biggest quarterly burn to date in dollar terms.

"Burning" is the process of shrinking the token's circulating supply. Binance is on track to destroy 50% of all BNB tokens every quarter.The number of tokens that are destroyed each quarter is calculated based on the trading volume on Binance's crypto-to-crypto exchange.

Last week, BNB recorded a double-digit price spike after announcing a $1 billion growth fund.

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