A new partnership between Amun and Binance has been announced today for the launch of the world’s first ETP based on Binance Coin (BNB).
The ETP is issued on the Swiss Zurich stock exchange SIX, has ABNB as its ticker and replicates the price of BNB. The trading begins today.
ABNB is issued by Amun AG and administered via the Amun Onyx platform.
Amun AG is a leading Swiss company involved in the issuance of cryptocurrency-based Exchange-Traded Products (ETPs). After issuing the first BCH-based ETP, and one based on 90% BTC and 10% ETH, now it is the turn of Binance Coin.
In total, Amun has so far issued eight cryptocurrency-based ETPs with the aim:
“of bridging the gap between the traditional financial world and the blockchain-based infrastructure”.
In reality, the two companies reveal that this is only a first step towards a broader partnership, with the aim of launching new innovative products “contributing to the global transition to crypto assets”.
Binance Coin is the native token of the Binance Chain, it ranks eighth among the world’s largest market capitalisation cryptocurrencies and is now more than three times as valuable as it was at the beginning of the year.
In July 2017, shortly after its launch, the value was just over 0.1 dollars and during the speculative bubble at the end of 2017/beginning of 2018, it reached over 24 dollars. Then in December 2018, it fell to about $4.5, then it rose again in June 2019 to nearly $40. Today it is worth about $18, with a market cap of about $2.9 billion.
ABNB will be an ETP structured in a traditional way, so as to make it accessible to the large retail and institutional market. In this way, SIX Swiss Exchange clients can add a BNB position to their equity portfolios as easily as when they buy shares.
Binance CEO Changpeng CZ Zhao said:
“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. This will provide traditional investors access with diversiﬁed exposure and segue into the global cryptocurrency market and its innovative products”.
Amun’s CEO, Hany Rashwan, added:
“It’s been amazing to watch the fast ascent of Binance from its humble launch in 2017 to the leading position it commands today. 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 a secure, affordable, and regulated Swiss exchange-traded product”.