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BNB-Based Crypto ETP Now Live on Swiss SIX Stock Exchange
The new exchange traded product (ETP) will be underlaid by $20 million worth of Binance coin.
Binance’s native cryptocurrency will serve as the underlying asset to a new exchange traded product (ETP).
The world’s largest crypto exchange by trading volume said Wednesday it has partnered with fintech firm Amun to develop the USD-denominated ETP.
STORY CONTINUES BELOW
on the Switzerland’s principal stock exchange SIX under the ticker ABNB, the financial product can be purchased through a bank or brokerage like a stock.
Amun CEO Hany Rashwan told CoinDesk the ETP will initially be backed by $20 million worth of Binance coins (BNB), representing nearly a quarter of the firm's total crypto assets under management.
Since launching the first crypto-backed ETP in Nov. 2018, Rashwan said Amun’s suite of 8 crypto-ETPs are backed by $75 million in total assets.
The regulated ETP provides an avenue for investors to gain exposure to one of the top performing cryptocurrencies. According to Messari, BNB has a $2.84 billion market capitalization, making it the eighth largest crypto by that metric. In recent months, daily transaction volume usually top $100 million.
BNB is used to pay transaction fees on the exchange and for Binance's development and projects marketing. The exchange completed its initial coin offering (ICO) of 100 million BNB in 2017, raising approximately $15 million.
Binance has capped the supply of BNB at 200 million tokens, of which the firm plans to “burn” half to prevent depreciation.
Trading photo via Shutterstock
Daniel Kuhn
Daniel Kuhn was a deputy managing editor for Consensus Magazine, where he helped produce monthly editorial packages and the opinion section. He also wrote a daily news rundown and a twice-weekly column for The Node newsletter. He first appeared in print in Financial Planning, a trade publication magazine. Before journalism, he studied philosophy as an undergrad, English literature in graduate school and business and economic reporting at an NYU professional program. You can connect with him on Twitter and Telegram @danielgkuhn or find him on Urbit as ~dorrys-lonreb.
