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Developed as a technical specification for BSC, it allows developers to launch a variety of tokens, including peggy coins, utility tokens, stablecoins, and more. If you launch an ERC-20 token and the network gets congested, its usability could be impacted. Binance is promoting the adoption of the BNB token in the hopes that it will drive customer loyalty. Binance officially migrated the BNB token, which was originally an ERC-20 token on Ethereum, to its native Binance Chain on April 23rd, 2019. Binance no longer supports the withdrawal of ERC-20 BNB tokens on the exchange, but continues to support the token swap from ERC-20 token to the Binance native chain. The Binance ecosystem now comprises of Binance Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet, Charity, NFT and more. Now it has over 150,000 active clients. It is now K2.3 billion representing a growth of 25%. On the whole, FBZ recorded a profit of K117 million (before tax) and K71 million net profit after paying K42 million to the treasury in taxes. Another factor contributing to Binance’s rapid growth is its availability in fourteen different languages. Rajan Mahtani also informed that the loan book saw a stable growth and presently the figure stands at K1.1 billion, which comprises of financial loans to MNCs, individuals, SMEs, and all kinds of businesses in all the sectors of national economy.
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