BNB (Binance Coin) is a cryptocurrency created by the world's largest cryptocurrency exchange, Binance. It was released in July 2017 as part of an ICO to fund the development of the exchange. BNB initially ran on the Ethereum blockchain as an ERC-20 token, but was later migrated to its own blockchain, Binance Chain. BNB is used to pay trading fees on the Binance platform, as well as participate in various Binance ecosystem initiatives and products, including the Binance Smart Chain (BSC), which supports smart contracts and decentralized applications (dApps). The coin also participates in periodic burns, which reduces its overall supply and increases its value.