Binance and KuCoin Run the Quarterly Burn of BNB and KCS Tokens
The world’s largest cryptocurrency exchange Binance is preparing for the fourth quarterly burn of its Binance Coin token (BNB), while KuCoin completed its third fiscal of KCS.
The announcement was made via Twitter by CEO Changpeng Zhao. The executive wrote:
“@binance is doing a final tally on the numbers, and will announce our 4th quarterly burn in the next day or so, and finish the burn within a couple days after that. Thank you for your patience and support!”
The coin burn is conducted in conformity with the company’s documentation, which mentions:
“Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.”
We want to remind you that the first coin burn was held on 18 October 2017, when 986,000 BNBs were removed from circulation. The second burn took place in January 2018– the company bought back 1,821,586 BNB, while the third coin burn took place in April when Binance eliminated another 2,220,314 BNB worth almost $ 30MM USD.
KuCoin managed its third fiscal burn
The world’s fortieth largest cryptocurrency exchange KuCoin announced the third fiscal burn of its KuCoin Shares token (KCS).
The announcement was made via KuCoin website on 16 July. The operation is carried out as in the case of Binance according to the documentation:
“In accordance with our whitepaper, we have used 10% of profits from the 3rd fiscal quarter (Q2 2018) to buy back KCS from the market and burned 396,211 KCS.”
As a result of the burn, KuCoin Shares token is traded at $ 2.91 and has a total supply of 180,334,365 KCS. On the other hand, Binance Coin (BNB) has a total supply of 194,972,068 BNB and a circulating supply of 114,041,290 BNB- in the time the token is traded at $13.18, up 7.27%.