An exchange coin is a type of cryptocurrency issued by a cryptocurrency exchange to serve various utility functions within the exchange’s ecosystem. These coins, sometimes called exchange tokens, provide users with benefits such as discounts on trading fees, staking rewards and access to special features or services.
BNB is the most popular exchange coin on the market. It is native to the Binance exchange, the largest crypto exchange globally, with a 24-hourThe combination of trading fee discounts, participation in exclusive investment opportunities, integration into various financial services and increasing adoption as a payment method creates a comprehensive value proposition.
Bybit also hosts promotional events and trading competitions, offering additional rewards and bonuses for BYT holders. As Bybit evolves, BYT will play a crucial governance role, allowing holders to vote on key decisions and protocol upgrades, fostering community engagement. Similarly to Crypto.com, OKB, the native coin of OKX, was originally issued as an ERC-20 token on the Ethereum blockchain but has since migrated to OKX’s own blockchain, the OKT Chain.