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.
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).
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!