Physically-Backed Binance Coin ETP Launches on Swiss Stock Exchange
Cryptocurrency exchange Binance has launched a dedicated exchange-traded product (ETP) for Binance Coin (BNB) on a Swiss Stock Exchange.
Binance Coin goes after pro investors
In a press release seen by Cointelegraph on Oct. 15, Binance confirmed the BNB ETP would trade on the SIX Exchange from Tuesday.
The ETP comes via a partnership with Amun, a local Swiss startup that has already brought various ETPs to market.
The investment tool, which features physically-backed contracts, is a first for BNB, which is Binance’s in-house cryptocurrency token. In the future, further options could appear for traders.
Binance CEO Changpeng Zhao, known as CZ, commented in the press release:
“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.”
BNB, currently the seventh-largest cryptocurrency by market cap, increased by around 4.5% on the back of the news.
SIX grows its crypto integration
As Cointelegraph reported, SIX began trading the world’s first multi-cryptocurrency ETP in late 2018. Organizers, including Amun, have remained bullish about their appeal to investors, despite the mixed fortunes seen on crypto markets since that time.
Earlier this month, Amun partnered with Bitcoin Suisse to launch an ETP based on the two largest cryptocurrencies, Bitcoin (BTC) and Ether (ETH).