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Swiss SIX Stock Exchange lists BNB-based crypto ETP

Image Credit: Binance

Tue, 15 Oct 2019, 07:46 am UTC

Binance, the world’s largest cryptocurrency exchange by trading volume, has teamed up with Swiss fintech firm Amun to launch a new exchange traded product (ETP) with Binance’s native token, BNB, as the underlying asset.

According to an official announcement, the trading of Amun BNB (ABNB) ETP begins today on SIX Swiss Exchange.

“The launch of the ETP is a first step for the partnership, paving the way for more innovative products contributing to the global transition to crypto assets,” Binance said.

With a total market capitalization of more than $2.5 billion, Binance coin (BNB) is currently the world’s eighth-largest crypto asset by market capitalization. The exchange said that the ABNB will help expand the reach of its BNB token to institutional and retail investors.

“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,” said Changpeng Zhao, Binance CEO. “This will provide traditional investors access with diversified exposure and segue into the global cryptocurrency market and its innovative products.”

As per the details, the ABNB ETP is issued by Amun and administered via the Amun Onyx Platform, the premier issuance and administration platform for crypto ETPs. Speaking to CoinDesk, Amun CEO Hany Rashwan said that the ETP will initially be backed by $20 million worth of BNB.

“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,” said Rashwan.

Amun has issued a total of eight ETPs with crypto-currencies as the underlying asset to date. This includes HODL, a physically-backed ETP based on five leading cryptocurrencies; bitcoin-based ETP; Ethereum-based ETP; XRP-based ETP; an ETP using Bitwise 10 Select Large Cap Crypto Index on the Swiss SIX Exchange; and an ETP with a combination of bitcoin (BTC) and ethereum (ETH) denominated in Swiss Franc.

The Swiss startup aims to bridge the gap between the traditional financial world and the blockchain-based infrastructure.

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