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

Libra Coin News
Tue, 10/15/2019 - 08:27
Yuri Molchan
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
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.

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).

Related
Bitcoin Futures Show $134 Mln Trade Volume in One Hour on Binance

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!

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.


This site uses cookies for different purposes. Please set your preferences in Consent Settings and visit our Cookie Policy for more information on how and why cookies are used on this site.

Cookie policy