Switzerland’s predominant inventory trade SIX has chosen to extend its cryptocurrency portfolio by buying and selling a product based mostly solely on Binance Coin.
Binance Coin ETP Goes Reside On SIX
In a blog post issued on October 15, Binance Coin’s issuer, cryptocurrency trade Binance confirmed it was launching a devoted exchange-traded product (ETP) on SIX.
Buying and selling will start as we speak and marks the primary physically-backed BNB-based ETP anyplace on this planet.
The transfer follows a number of different ETPs on SIX. For the launch, Binance partnered with native startup Amun, which additionally helped deliver the BNB ETP’s predecessors to market.
“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,” Binance CEO Changpeng Zhao (referred to as ‘CZ’) commented within the press launch.
It will present conventional traders entry with diversified publicity and segue into the worldwide cryptocurrency market and its progressive merchandise.
BNB/USD appeared buoyed by the information, growing by nearly 5% over the previous 24 hours. On Twitter, CZ hinted he suspected costs to extend additional.
“I don’t know what it will do to the $BNB price, but it certainly makes $BNB more accessible to a new audience,” he wrote on Tuesday.
BNB has in actual fact come underneath strain in current months. Having hit all-time highs round $40 in June, the token then halved in worth. Late final month, it reached native lows of simply $15.
SIX Cosies Up To Crypto
As Bitcoinist reported, SIX has in the meantime sought to open up itself platform as a supportive atmosphere for crypto-related merchandise.
The trade launched a multi-crypto ETP late in 2018, on the peak of the Bitcoin bear market, remaining upbeat on its prospects.
Earlier this month, Amun entered right into a three way partnership with Swiss operator Bitcoin Suisse to debut a Bitcoin and Ethereum ETP on SIX.
“This product further exemplifies Switzerland’s leading position in the crypto space, where Amun is able to work closely with the exchange and authorities to create regulated, compelling, and institutional-grade financial products,” Amun CEO Hany Rashwan mentioned on the time.
SIX additional plans to launch a Blockchain model of its platform, nonetheless suspending the discharge till 2020.
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