The Swiss SIX Stock Exchange has started trading the first physically-backed Binance Coin (BNB) exchange-traded product (ETP) under the ticker ABNB.
Launched by Binance, the world’s leading cryptocurrency exchange by volume, and Amun, a fintech leader in exchange-traded products, the BNB ETP is designed for institutional investors who want exposure to digital assets in a traditional financial infrastructure.
BNB is the eighth-largest cryptocurrency with a market cap of $2.87 billion.
Investors will be able to buy the BNB ETP on Switzerland’s principal stock exchange using a brokerage or bank, marking another milestone for the cryptocurrency industry as it bridges the gap between the legacy financial system and the emerging digital economy.
Says Binance CEO Changpeng Zhao,
“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.”
As the industry matures and as crypto platforms continue to interface, blend and merge with traditional players, regulation and compliance remain the chief sources of friction and represent a key area where industry leaders are taking critical and strategic steps.
Binance boosted its efforts to meet compliance guidelines earlier this month, announcing its new partnership with Coinfirm, an international regulation technology company.
The AML solution provider will help the crypto exchange address anti-money laundering (AML) rules and ensure compliance with the Financial Action Task Force (FATF).
Image: Creative Commons/Toni_V on Flickr