Bye Banks — $1.2 Billion BNB Moved Within 1.1 Seconds for $0.015 Fee

Changpeng Zhao, the CEO of Binance took a shot at the traditional banking system on Wednesday when he announced the significant movement of $1.2 billion in Binance coin (BNB) for just $0.015 within 1.1 seconds.

Precisely, the BNB value of the transaction was 32,888,888 BNB (1,230,345,109 USD).

After announcing the transfer, CZ, as he is popularly known on Twitter, adds,

“The future is here,” signifying that moving such a massive amount of value almost instantly and for virtually no fee is an innovation, thanks to crypto.

Meanwhile, we also took the time to observe some of the most eye-catching comments on Twitter, targeting the inefficiency of the current banking system.

Samantha Crypto queried,

“What happened if you do this ($1B) transaction from Bank?”

To which CZ responds,

“yeah, imagine walk into a bank and say, “I want to transfer $1.2b, in the next 10 minutes”.”

Another user rounded of the troll section, stating,

“Their reaction would probably depend on what type of gun your holding.” 

Adding to the shades thrown at the banks, another Twitter user Angie Lovehearts adds that banks would not be able to compete with the volume of money transferred, the fee and the time.

She also adds,

“Financial freedom of YOUR money is here!!! #BNB”

Meanwhile, the latest development continues to remind us why we are involved with crypto in the first place. Just last month, we also reported that Binance was able to transfer $1.26 billion worth of Bitcoin between its cold wallets for a fee of $124.60 in total.

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  • bitcoinBitcoin (BTC) $ 16,964.52 0.5%
  • ethereumEthereum (ETH) $ 1,252.60 2.95%
  • bnbBNB (BNB) $ 291.69 0.13%
  • xrpXRP (XRP) $ 0.391473 1%
  • solanaSolana (SOL) $ 13.49 1.22%
  • terra-luna-2Terra (LUNA) $ 1.64 1.84%