What is Binance Coin?
Binance has its own crypto called Binance coin (BNB) which fuels the Binance Ecosystem. It has a price of $138 and a market cap of over $20,000,000.
You can store Binance Coin in Binance, Trust Wallet (a subsidiary of Binance), Ledger Wallet, Exodus, Magnum Wallet, etc. You can use it to pay your crypto.com credit card bill, to buy smartphones such as the HTC Exodus or to pay Monetha merchants.
Binance Coin (BNB) used to run on the Ethereum Blockchain ERC-20 standard but now it is the native coin of the Binance blockchain.
The sole purpose of Binance Coin is to stop paying transaction fees in Binance as it charges a transaction fee for payments. Although the transaction fee is less for Binance ($1 for $1000 in payments), this will be really important for frequent users. For the first year, you get a discount of 50%, for the second year - 25%, third year - 12.5%, fourth year - 6.75% and no discount on the fifth year.