BNB is the native asset of Binance Chain. It was launched in July of 2017 as an ERC-20 token after raising $15m in an ICO from investors who participated from across the globe using the Ethereum blockchain.
The ERC-20 token BNB was swapped for its native blockchain token on April 23, 2019 when Binance Chain was launched. Binance Chain utilizes the Tendermint BFT consensus mechanism developed by Jae Kwon, which is also the software infrastructure that runs the Cosmos Blockchain.
BNB is a utility token used for on-chain transaction fees, paying reduced exchange fees, earning staking rewards, and making in-store purchases.