Binance Partners with Amun to Launch BNB ETP on Swiss SIX Exchange
Sarah Tran Oct 15, 2019 08:00
Cryptocurrency exchange Binance has partnered with Switzerland-based exchange-traded product (ETP) Amun to launch the Binance token (BNB) ETP. The BNB ETP is listed on the Swiss stock exchange, SIX under the ticker ABNB and is available for purchase through a bank or brokerage similar to a stock.
Cryptocurrency exchange Binance has partnered with Switzerland-based exchange-traded product (ETP) Amun to launch the Binance token (BNB) ETP. The BNB ETP is listed on the Swiss stock exchange, SIX under the ticker ABNB and is available for purchase through a bank or brokerage, like a stock.
Hany Rashwan, CEO of Amun said that the ETP will initially be backed by $20 million worth of BNB, accounting for almost a quarter of the firm’s total crypto assets under management.
Changpeng Zhao, CEO of Binance said in a statement:
“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. This will provide traditional investors access with diversified exposure and segue into the global cryptocurrency market and its innovative products.”
BNB has been addressed as a utility token by Binance, however, the ABNB is an ETP which is a security, opening up to investors to buy into the “Binance ecosystem” without directly holding the exchange’s native token.
Rashwan added, “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 a secure, affordable, and regulated Swiss exchange-traded product.”
Stocks image via Shutterstock
