Binance Coin (BNB) is a cryptocurrency created by the Binance cryptocurrency exchange. Launched in 2017 as an Initial Coin Offering (ICO) to fund the exchange, BNB was initially used to reduce fees on the platform and has gained widespread adoption among traders due to its functionality and ease of use.

One of the key aspects of Binance Coin is that it is used to pay trading fees on the Binance exchange. Users who pay fees in BNB receive significant discounts, which encourages the use of the coin and creates continued demand for it.

It is important to note that Binance Coin is based on the Binance Chain blockchain, which provides high performance and scalability for fast and low-cost transactions. In addition, BNB is an essential part of the Binance Smart Chain (BSC) ecosystem, where it is used for voting and participation in the governance of DeFi protocols and other applications.