News

Binance CEO Eyes BNB Prospects After ETP Launch on SIX

Anja van Oosterhout | Oct 15, 2019 | 04:33

---

Switzerland’s main stock exchange SIX has chosen to increase its cryptocurrency portfolio by trading a product based solely on Binance Coin.

Binance Coin ETP Goes Live On SIX

In a blog post issued on October 15, Binance Coin’s issuer, cryptocurrency exchange Binance confirmed it was launching a dedicated exchange-traded product (ETP) on SIX.

Trading will begin today and marks the first physically-backed BNB-based ETP anywhere in the world. 

The move follows multiple other ETPs on SIX. For the launch, Binance partnered with local startup Amun, which also helped bring 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 (known as ‘CZ’) commented in the press release. 

This will provide traditional investors access with diversified exposure and segue into the global cryptocurrency market and its innovative products.

BNB/USD appeared buoyed by the news, increasing by almost 5% over the past 24 hours. On Twitter, CZ hinted he suspected prices to increase further.

“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 fact come under pressure in recent months. Having hit all-time highs around $40 in June, the token then halved in value. Late last month, it reached local lows of just $15.

SIX Cosies Up To Crypto

As Bitcoinist reported, SIX has meanwhile sought to open up itself platform as a supportive environment for crypto-related products.

The exchange launched a multi-crypto ETP late in 2018, at the height of the Bitcoin bear market, remaining upbeat on its prospects. 

Earlier this month, Amun entered into a joint venture 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 said at the time.

SIX further plans to launch a Blockchain version of its platform, nonetheless postponing the release until 2020.

What do you think about the Binance Coin ETP? Let us know in the comments below!

Images via Bitcoinist Media Library