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Binance Coin Now Backs Swiss ETP on SIX Stock Exchange with BNB Price Showing Modest Rise

  • Yuri Molchan
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    BNB is becoming more popular in the space as the Swiss stock exchange SIX partners with the world’s largest crypto exchange to launch a BNB-based derivative

Binance Coin Now Backs Swiss ETP on SIX Stock Exchange with BNB Price Showing Modest Rise
Cover image via www.123rf.com
Contents

Along with recently launched Bitcoin futures on Binance, Bitcoin-based and Ripple-based coins on Binance DEX, and the start of Binance US platform, the exchange led by CZ now integrates its native coin into the crypto derivatives’ sphere.

 

Binance Coin now backs a Swiss ETP

As per CoinDesk, the Binance platform has partnered with the Swiss stock exchange SIX and a fintech startup Amun AG to launch an exchange-traded product (ETP) (ABNB) backed by $20 mln worth of BNB.

On this positive news, the Binance coin price on CoinMarketCap has begun spiking. The coin is showing +4.35 percent at the time of writing.

BNB price rises
Image via CoinMarketCap

Previously, Amun AG in collaboration with the SIX exchange already launched several other crypto-related ETPs – based on XRP (AXRP), Ethereum (AETH), Bitcoin (ABTC), as well as the Crypto Basket Index ETP (HODL).

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Recent milestones of BNB

Binance Coin has become quite a popular asset by now, thanks to CZ’s efforts to give it additional liquidity by various methods – use it on Binance LaunchPad to power IEOs, by partnering with payment startups that deal with crypto, by providing charity payments in BNB to Japan (in summer 2018) and Uganda schools (2019).

Besides, Binance conducts regular BNB burns to prevent the coin from losing value.

Recently, U.Today reported that BNB, along with Bitcoin and several major stablecoins was added to the new Galaxy S10 smartphone wallet released by Samsung.

What is your opinion on the current Binance expansion and new use-cases for its native coin BNB? Share your view in the comments section below!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
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Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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