Binance, the Cryptocurrency Exchange, has launched a dedicated exchange-traded product (ETP) for Binance Coin (BNB) on a Swiss Stock Exchange.
On October 15, in a press release, Binance confirmed that the BNB ETP would trade on the SIX Exchange from Tuesday (October 15).
The ETP comes through a partnership with Amun, a local Swiss startup that has already brought various ETPs to market.
However, 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.
Changpeng Zhao, known as CZ, the CEO of Binance, 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.”Changpeng Zhao
Currently, BNB, the seventh-largest cryptocurrency by market cap, has increased by around 4.5% on the back of the news.
SIX grows its crypto
It has been reported by Cointelegraph that 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.
Earlier this month, Amun partnered with Bitcoin Suisse to launch an ETP based on the two largest cryptocurrencies, Bitcoin (BTC) and Ether (ETH).
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