Crypto asset manager Amun has teamed-up with crypto exchange Binance to launch a BNB exchange-traded-product (ETP) on the SIX Swiss Exchange.
The Amun BNB ETP (ABNB) will track the performance of BNB, a coin used as the token for the Binance chain, a new blockchain platform launched by the Binance community for creating and transferring tokens.
BNB was initially created to pay for fees on the Binance exchange. Since launch two years ago, the token has become one of the most used utility tokens in the blockchain space with a market cap of $2.5bn.
ABNB will enable the wider investment community to gain exposure to BNB through the ETP wrapper for the first time.
Hany Rashwan (pictured), CEO of Amun, commented: “We are excited to make Binance’s native token accessible to institutional and retail investors.”
Changpeng Zhao, CEO of Binance, added: “Our partnership with Amun in launching ABNB 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.”
This is Amun's second crypto ETP launch this month. On 3 October, the firm unveiled the Amun Bitcoin Suisse BTC/ETH ETP (ABBA) which is made-up of approximately 90% bitcoin and 10% ether.
Last week, Amun also hired former XBT Provider CEO Laurent Kssis as managing director and global head of ETPs.
