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BNB Gains 5% as Binance Launches ETP on SIX Swiss Exchange

The world’s largest cryptocurrency exchange by trading volume, Binance, has launched an exchange-traded product (ETP) for its native token, BNB, in partnership with Swiss startup, Amun.

Per the official announcement, the BNB ETP is listed on the SIX Swiss Exchange, one of the world’s largest exchanges, with the trading of the Amun BNB (ABNB) ETP beginning today, October 15.

The launch of the ETP is seen as a first step for the partnership and will pave the way for more innovative products, while also providing traditional investors access with diversified exposure and segue into the global cryptocurrency market.

With Binance token having more than 120 use cases across the global blockchain ecosystem, ABNB wraps BNB into a traditional financial structure, thereby making it more open not only to cryptocurrency enthusiasts but also to the institutional and retail market.

The CEO of Binance, CZ (Changpeng Zhao) 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.

Following the launch, clients can be able to add BNB exposure to their respective stock portfolios easily, just like buying a share from any firm in a traditional manner, either through a brokerage firm or a bank.

“We are so excited to partner up with the world’s largest crypto exchange and make their native token accessible to institutional and retail investors in the most secure, cost-effective and regulated Swiss exchange-traded product,” Hany Rashwan, CEO of Amun said.

The ABNB ETP will be issued and administered by the startup through its ETP platform, Amun Onyx Platform. As per the report, Amun has issued eight ETPs with cryptocurrencies as the underlying asset.

Binance Coin Gains 5% Following ETP Listing

With the listing of the new Binance Coin (BNB) derivative on Six Swiss Exchange, the cryptocurrency is at press time the highest gainer among the top ten coins within the last 24 hours.

As shown in the chart below, BNB has moved from $18.07, its lowest point on the day to $19.14 at the time of writing.

Binance Coin BNB performance following ETP listing

The latest ETP announcement also follows the company’s release of a new stablecoin Binance USD (BUSD) reportedly approved by the New York State Department of Financial Services (NYDFS).

 

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