BNB is the native token of the Binance cryptocurrency exchange and the Binance Decentralised Exchange (DEX). Because it was originally built on the Ethereum network, BNB tokens were ERC-20 tokens hosted on Ethereum at first. However, after the launch of the Binance Chain mainnet in April 2019, the BNB tokens were swapped from ERC-20 to BEP-2 and hosted on the Binance Chain instead. Running parallel to the Binance Chain is the Binance Smart Chain (BSC), an EVM-compatible network that relies on a new consensus mechanism called Parlia. Parlia is a Proof-of-Staked Authority (PoSA) consensus mechanism that is a hybrid between Proof-of-Stake (PoS) and Proof-of-Authority (PoA).
BNB is used for a variety of different network functions, including delegated staking on the authority validator, trading fee discounts, and participating on the Binance Launchpad. The total BNB supply is capped at 200 million, with an implemented burn mechanism that reduces the supply approximately every three months until it reaches 100 million. You can buy BNB in New Zealand on the Swyftx cryptocurrency exchange.
How to buy BNB in New Zealand?
Sign up to the Swyftx cryptocurrency exchange to buy Binance Coin (BNB) with low trading fees and minimal spreads. To sign up, provide your personal details like your full name, phone number and email address and create a unique password. Next verify your identity, by submitting an online copy of your photo id (i.e. drivers license, passport). This step takes most people only a few minutes to complete.
Next, you can deposit funds into your account via a number of different payment methods. Swyftx supports deposits made via bank transfer. Once your deposit has cleared you can buy BNB and trade hundreds of different cryptocurrencies.
