Per a recent announcement by Binance’s official Twitter handle, Binance and Amun AG world’s leader in the issuance of cryptocurrency Exchange-Traded Products (ETP) have partnered together to launch a BNB ETP on the regulated segment of the SIX Swiss Exchange.
AMUN BNB (ABNB) ETP Trading Begins Today
The product is designed to make the top- 10 cryptos accessible to audiences still not aware of the crypto. Interestingly, this is the worlds’ first crypto-based product that can be purchased using a brokerage or a bank.
The product has been issued on the Amun Onyx Platform. As a matter of fact, the new BNB ETP took about a month’s work to be created. Per the announcement, each new product will track 1.09890110 BNB and will trade at a starting price of approximately $20 – depending on market conditions.
Binance CEO, Changpeng Zhao said the product would help open up digital assets to traditional investors. He said,
It will give traders exposure to a new and regulated asset class with a unique dimension to utility tokens…through a traditional financial infrastructure.”
From the Managing Director’s Desk
Laurent Kassis, Amun’s Managing Director last week, said that
“Even with the token burns likely to restrict supply and dampen volatility, the remaining 100M BNB tokens will provide “ample space for a Binance ETP to exist for a very long time.”
She further said that BNB has gained nearly 200% since the first quarter of 2019. Moreover, it is trading “well within the arbitrage boundary of normal volatility behaviors”. She further said that it will attract new traders as it provides them exposure to crypto through a traditional product and will also bring huge benefits to Binance users.
What is an Exchange- Traded Product?
An Exchange Traded Product is a financial security that derives its price from other underlying assets. It can be traded on the traditional stock exchange like any other stock or commodity. Intra-day orders of the ETPs can be also be placed. Moreover, Exchange Traded Products can not only be used to place intraday orders but also to develop other financial products on it.
BNB ETP Becomes the 8th Crypto ETP to be Listed on SIX Exchange
Now, Amun AG has a total of eight cryptocurrency Exchange Trade products listed on SIX Exchange. The list includes XRP-based ETP, a BTC-based ETP, a Bitcoin Cash (BCH)-based ETP, an ETH-based ETP, the Amun Crypto Basket Index ETP, BTC-ETH ETP and Amun Bitwise Select 10 Large Cap Crypto Index ETP.
Will the newly launched BNB ETP get the right attention from traders? Let us know, what you think in the comments below!
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Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.