The BNB Coin news today show that the cryptocurrency exchange Binance decided to officially launch a dedicated exchange-traded product (ETP) for Binance Coin (BNB) on a Swiss Stock Exchange. The Binance Coin ETP launches after it was announced in a press release, where the exchange confirmed that the new BNB ETP would trade on the SIX Exchange starting today (Tuesday, October 15).
The ETP comes through a partnership between Binance and Amun. The latter is a local Swiss startup which has already brought various ETPs to market. The investment tool behind it, which features physically-backed contracts, is a first for the newly launched Binance Coin ETP and a first for BNB, the native token of the Binance cryptocurrency exchange. In the future, more opinions could appear for traders.
According to the CEO of Binance Changpeng Zhao (known as CZ), this partnership will create a new and regulated asset class.
“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,” CZ noted when launching the Binance Coin ETP.
Meanwhile, the cryptocurrency news show that BNB is currently the seventh largest cryptocurrency by market cap and managed to increase by around 5% overnight, mainly inspired from the news.
As we reported earlier in the news, the Swiss Exchange SIX began trading the world’s first multi-cryptocurrency ETP back in late 2018. The organizers behind the project include Amun and others – all of which remaining bullish about their appeal to investors despite the mixed fortunes seen on the crypto markets since that time.
When it comes to Amun, we can see that before the Binance Coin ETP, the Swiss startup partnered with Bitcoin Suisse to launch an ETP based on the two largest cryptocurrencies – Bitcoin (BTC) and Ethereum (ETH).
Today, the market is again in a bearish momentum but has not lost much overnight. The situation is stable and the market cap is at $225 billion, while most of the top 10 coins are recording losses from 0.10% to 3%. Bitcoin is at $8,308 right now while Binance Coin (BNB) is the only gainer in the top 10 – stabilizing at a price of $18.75 at press time.
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