The resident cryptocurrency of Binance, BNB, is all set to become the base asset to the latest Exchange-Traded Product (ETP). Binance is a now well known global crypto exchange. The new crypto exchange-traded product goes live on SIX Swiss Exchange.
Binance announced that it has collaborated with Amun AG, a Swiss fin-tech startup, to establish the ETP denominated in US Dollar. The financial product, registered on the SIX stock exchange, can be bought through financial institutions just like a stock.
Hany Rashwan, CEO of Amun, stated that Binance coins worth $20 million would finance the ETP. Since introducing the earliest ETP in 2018, Rashwan said Amun’s eight crypto-ETPs are funded by assets worth $75 million in total. As per a Messari report, BNB has a market cap worth $2.84 billion.
Binance coins are utilized to make the exchange’s transaction payments and for the marketing of undertakings. The exchange raised about $15 million after completing its ICO, worth 100 million Binance coins in 2017. The reserve of Binance coins has been capped at 200 million tokens.