Binance Coin ETP launches and live trading begins on Tuesday on Swiss stock exchange SIX.
October 15, 2019, | AtoZ Markets – Switzerland’s stock exchange SIX has listed yet another crypto exchange-traded fund (ETP), this time backed by Binance Coin (BNB).
Binance Coin ETP goes live on SIX Swiss stock exchange
According to the press release seen by AtoZMarkets on Tuesday, Binance has collaborated with Amun AG, a Swiss fintech firm, to develop the USD-denominated investment product.
This makes it the 8 crypto-ETPs listed by the exchange under the ticker symbol of Amun BNB (ABNB). In a statement, Binance’s CEO Changpeng Zhao (CZ) said:
“Our partnership with Amun in launching the BNB ETP will provide investors with a new and regulated asset class with a unique dimension to utility tokens, making them more accessible and reliable through a traditional financial infrastructure,” said CZ. “This will provide traditional investors access with diversified exposure and segue into the global cryptocurrency market and its innovative products.”
SIX grows its crypto integration
ETP is a publicly listed investment product that can be traded just like any other stock. Recently, Amun partnered with the SIX exchange to launch several other crypto investment products. They are XRP (AXRP), Ethereum (AETH), Bitcoin (ABTC), and the Crypto Basket Index ETP (HODL).
Nevertheless, it is a legal requirement for companies managing ETPs to back the products by reserves of the underlying assets. Hence, this newly launched ETP will be backed initially by $20 million worth BNB tokens. The exchange completed its initial coin offering (ICO) of 100 million BNB in 2017, raising approximately $15 million.
Following this positive news, Binance coin price on CoinMarketCap.com has begun surging more than 7.5%. The Coin takes the lead in the cryptocurrency market at press time. With 2.9 billion in market cap, BNB is currently one of the top 10 largest cryptocurrencies on the market today.
Think we missed something? Let us know in the comments section below.