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Binance Rolled Out Physically-Backed Coin ETP on Swiss Stock Exchange

By Anne W. | October 16, 2019

Binance – the Malta-headquartered, high profile crypto exchange firm – has introduced a dedicated exchange-traded product (ETP) for its Binance Coin (BNB), on a Switzerland-based stock exchange

Specifically, Binance has publicly announced that the BNB ETP would begin to facilitate transactions on the SIX Exchange, beginning October 15. 

Coinbase has formerly teamed up with Amun – a tech startup headquartered in Switzerland, which was behind the introduction of numerous local ETPs – to roll out its own. 

The feature, specifically designed to support investment that comes with physically-backed contracts, will mark the first for BNB – the digital coin token developed by Binance. The firm will reportedly integrate updates into the tool for further traders support in the long run. 

“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.” Changpeng Zhao – or “CZ” – head of Binance – shared his remarks regarding the announcement. 

BNB, currently ranked 7th on the list of top cryptocurrencies by market cap, has witnessed a steep incline by 4,5%.

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