Amun Partners with Binance on Binance Coin (BNB) ETP
The Swiss SIX exchange will carry a brand-new product by Amun, based on Binance Coin (BNB).
Amun AG, one of the chief issuers of crypto-based exchange-traded products, has added a unique selection for its latest launch. The new ETP to be traded on the Swiss SIX exchange will be based on Binance Coin (BNB), the native asset of the Binance exchange.
Trading of the Amun BNB ETP starts on October 15, and is the first step in a partnership between Amun and Binance. The launch arrived just as Binance announced its new paper on the multiple uses of BNB as a utility coin within the crypto ecosystem. BNB, initially created for paying trading fees on the Binance exchange, has expanded to multiple uses, and now exists on its native blockchain.
“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,” said CZ (Changpeng Zhao), Binance CEO. “This will provide traditional investors access with diversified exposure and segue into the global cryptocurrency market and its innovative products.”
Binance has established itself as one of the most influential exchanges both in terms of volumes, but also governance and technology.
“It’s been tremendous to watch the fast ascent of Binance from its humble launch in 2017 to the leading position it commands today,” said Hany Rashwan, Amun CEO. “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 the most secure, cost-effective and regulated Swiss exchange-traded product.”
European investors were the first to have a fully regulated market for products based on digital coins, unlike the US, where trading a Bitcoin (BTC) ETF has been met with regulatory skepticism. But the high liquidity of the underlying assets and an appetite for risk make the products of Amun possible.
The firm is now preparing for expansion with innovative products, leveraging the technology and contributions of the Binance team. Amun also recently took on board Laurent Kssis as Managing Director and Global Head of ETPs. Formerly, Kssis was responsible for launching and growing the market of ETPs for XBT Provider, and for the BTC and ETH-based products trading on NASDAQ Nordic.
Following the news, the price of BNB shot up to $18.73, extending the recent recovery, on trading volumes above $280 million in 24 hours.