Exchange

Binance Coin (BNB) Unveiled as ETP on SIX Swiss Exchange

Malta-based leading digital asset trading platform, Binance has added one more feather to its credit by entering into a strategic partnership with tech firm Amun AG. The crucial partnership has led to the launch of BNB, the native currency of Binance, as an Exchange Traded Product or ETP on a globally highly-ranked cryptocurrency exchange, SIX Swiss Exchange.

The product will be available for trading purposes on the crypto exchange under the ticker name ABNB. Interestingly, A symbolizes the Amun AG firm. The platform’s first crypto ETP was the HODL5 index that was launched last year, i.e., 2018. ABNB has joined the esteemed Amun AG streak as its eighth product.

As per the latest information, the collaboration will boost the performance of the popular Binance native token BNB by making it available in the ETP market space where it can be purchased as a stock via a bank or a broker. This revolutionary step is likely to make the BNB token trading available for non-crypto traders, as well.

Presently, BNB rules the crypto sphere as the sixth-largest digital currency with a share close to 1.21%, amounting to $2.73 billion in worth.

Changpeng Zhao shared his views about the collaboration by saying that

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.

The notable spearhead further stated that

This will provide traditional investors access with diversified exposure and segue into the global cryptocurrency market and its innovative products.

The prospectus released by Amun AG has clarified that ABNB will not be secure and will not be registered under the U.S. Securities Act of 1933. This restricts ABNB to be tradable as a security in the US.

The partnership of Amun AG with Binance is not its first ETF project as earlier this month; the firm launched a Bitcoin Suisse ETF under the ticker name ABBA. ABBA boasts of an amazing composition, which includes 90% Bitcoin and 10% Ether. The company has launched 6 ETFs before the Bitcoin Suisse ETF unveiling.

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
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