BNB-Based Crypto ETP Now Live on Swiss SIX Stock Exchange

News


Binance’s native cryptocurrency will serve as the underlying asset to a new exchange traded product (ETP).

The world’s largest crypto exchange by trading volume said Wednesday it has partnered with fintech firm Amun to develop the USD-denominated ETP.

Listed on the Switzerland’s principal stock exchange SIX under the ticker ABNB, the financial product can be purchased through a bank or brokerage like a stock.

Amun CEO Hany Rashwan told CoinDesk the ETP will initially be backed by $20 million worth of Binance coins (BNB), representing nearly a quarter of the firm’s total crypto assets under management.

Since launching the first crypto-backed ETP in Nov. 2018, Rashwan said Amun’s suite of 8 crypto-ETPs are backed by $75 million in total assets.

The regulated ETP provides an avenue for investors to gain exposure to one of the top performing cryptocurrencies. According to Messari, BNB has a $2.84 billion market capitalization, making it the eighth largest crypto by that metric. In recent months, daily transaction volume usually top $100 million.

BNB is used to pay transaction fees on the exchange and for Binance’s development and projects marketing. The exchange completed its initial coin offering (ICO) of 100 million BNB in 2017, raising approximately $15 million.

Binance has capped the supply of BNB at 200 million tokens, of which the firm plans to “burn” half to prevent depreciation.

Trading photo via Shutterstock



Source link

Infolinks.com, 3210366 , DIRECT rubiconproject.com, 20322, RESELLER, 0bfd66d529a55807 google.com, pub-6373315980741255, RESELLER, f08c47fec0942fa0 google.com, pub-4299156005397946, RESELLER, f08c47fec0942fa0 Adtech.com, 11409, RESELLER appnexus.com, 3251, RESELLER Pubmatic.com, 60809,RESELLER,5d62403b186f2ace Pubmatic.com, 158270, RESELLER,5d62403b186f2ace sovrn.com, 268479, DIRECT, fafdf38b16bf6b2b lijit.com, 268479, DIRECT, fafdf38b16bf6b2b lijit.com, 268479-eb, DIRECT, fafdf38b16bf6b2b aol.com, 6202, RESELLER aol.com, 17744, RESELLER lkqd.net, 295, RESELLER, 59c49fa9598a0117 lkqd.com, 295, RESELLER, 59c49fa9598a0117 Freewheel.tv, 482337, RESELLER Freewheel.tv, 480609, RESELLER appnexus.com, 7666, RESELLER, f5ab79cb980f11d1 rubiconproject.com, 156042, RESELLER, 0bfd66d529a55807 pubmatic.com, 156872, RESELLER, 5d62403b186f2ace Rubiconproject.com, 20848, RESELLER, 0bfd66d529a55807 contextweb.com, 559988, RESELLER, 89ff185a4c4e857c rhythmone.com, 2221906906,DIRECT,a670c89d4a324e47 districtm.io, 101519, RESELLER indexexchange.com, 175407, RESELLER 33across.com, 0010b00002CpYhEAAV, RESELLER, bbea06d9c4d2853c rubiconproject.com, 16414, RESELLER, 0bfd66d529a55807 pubmatic.com, 156423, RESELLER, 5d62403b186f2ace rhythmone.com, 2439829435, RESELLER, a670c89d4a324e47 indexexchange.com, 185506, RESELLER Smartadserver.com,3238,RESELLER contextweb.com,560288,RESELLER,89ff185a4c4e857c pubmatic.com,156439,RESELLER pubmatic.com, 154037,RESELLER rubiconproject.com,16114,RESELLER, 0bfd66d529a55807 openx.com,537149888,RESELLER,6a698e2ec38604c6 sovrn.com, 257611,RESELLER, fafdf38b16bf6b2b appnexus.com,3703,RESELLER,f5ab79cb980f11d1 EMXDGT.com, 68, RESELLER, 1e1d41537f7cad7f rubiconproject.com, 17262, RESELLER, 0bfd66d529a55807 indexexchange.com, 184311, RESELLER gumgum.com,13318,RESELLER,ffdef49475d318a9 adtech.com,12094,RESELLER google.com, pub-5617098146054077, RESELLER, f08c47fec0942fa0 spotx.tv, 74964, RESELLER, 7842df1d2fe2db34 openx.com, 540362347, RESELLER, 6a698e2ec38604c6 advertising.com, 24831, RESELLER appnexus.com, 10736, RESELLER

Leave a Reply

Your email address will not be published. Required fields are marked *

three × 3 =