Altcoin News: Binance Coin Will Be Available for Trading on the Swiss Stock Exchange SIX
October 15, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
This Tuesday, Binance’s own token of the cryptocurrency exchange will start trading on the largest Swiss stock exchange SIX through an exchange product (ETP). This was made possible thanks to Binance’s collaboration with Amun, a Swiss ETP provider.
An ETP is a publicly quoted security linked to the exchange rate of an underlying financial asset or index. According to Binance, ABNB ETP will allow introducing the BNB token into the structure of the traditional market, so that not only crypto enthusiasts but also representatives of a wider financial space can invest in it.
“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,” said CZ (Changpeng Zhao), Binance CEO.
According to Amun CEO Hani Rashwan, initially, ETP will be provided by BNB worth $20 million, which corresponds to approximately a quarter of the funds managed by his company. By this day, Amun has already launched eight ETPs, the underlying assets of which are cryptocurrencies.
Also today, Binance announced the launch of margin trading in the BUSD market — the stablecoin emitted by it, the rate of which is pegged to the US dollar.
In addition, the US division of Binance reported about the upcoming listing of the Dash cryptocurrency. Dash trading paired with the US dollar on the Binance.US platform will start today.
Earlier this month, SIX hosted a listing of ETP linked to the Bitcoin and Ethereum courses, which are also developed by Amun.
Author: Marko Vidrih
