In this article, we discuss the 5 biggest digital currencies in the world. If you want to read about some more digital cryptocurrencies, go directly to 10 Biggest Digital Currencies in the World.
5. Binance Coin
Market Capitalization as of August 12: $51 billion
Binance Coin is the native coin used by the Binance cryptocurrency exchange. By virtue of the exchange being one of the largest in the world, both in terms of transactions and value, the coin has become one of the biggest digital currencies in the world. The coin was first used as a utility token for discounted trading fees on the platform. However, it is now also used for a host of other uses, including payments for travel, entertainment, and processing fees. The coin was initially based on the Ethereum network.
Binance Coin was launched in 2017 with 200 million tokens. Angel investors were offered nearly 20 million of these tokens. 80 million went to the founding team of the coin. The rest were given to various others through the initial coin offering. Binance used the funds gathered from the initial coin offering for branding and marketing purposes. It also used the funds for development work related to the exchange itself. The exchange, after every three months, uses one-fifth of profits to burn and destroy Binance coins held in the treasury.