Physically-Backed Binance Coin ETP Launches on Swiss Stock Exchange
A deal with Amun sees the Binance Coin ETP start trading on Tuesday, using Switzerland’s popular SIX 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.