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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.

Oct 15, 2019 at 7:00 a.m. UTC
Updated Sep 13, 2021 at 11:34 a.m. UTC

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.

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

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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