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Binance partners Amun to list BNB token on Switzerland’s SIX exchange

Chayanika Deka

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Source: Unsplash

Malta-based cryptocurrency exchange giant Binance has announced its partnership with Swiss firm Amun AG, an issuer of cryptocurrency exchange-traded products (ETPs), to launch a BNB ETP on the SIX Swiss Exchange’s regulated segment, with trading to begin today. Binance CEO Changpeng Zhao welcomed the announcement and 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.”

While BNB was initially created to pay for transaction fees on Binance exchange, it has since become a utility token with various use cases across several global blockchain ecosystems. With a market cap of over $2.5 billion, BNB is currently ranked as the 8th largest crypto-asset in the world.

To make it more accessible to wider institutional and retail markets, the BNB token is wrapped inside a traditional financial structure by the ABNB ETP, which is issued by Amun and administered on its Onxy platform. Hany Rashwan, CEO of Amun AG, commented,

“It’s been tremendous 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 the most secure, cost-effective and regulated Swiss exchange-traded product.”

As of now, Amun has issued 7 other ETPs with cryptocurrencies forming the underlying asset, including Bitcoin, Ether, XRP and Bitcoin Cash. 

Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.