Swiss stock exchange SIX has added a new cryptocurrency exchange-traded product (ETP) which allows investors to gain exposure to Binance’s BNB token.

The new ETP, the Amun Binance BNB ETP (ABNB) can be purchased through a bank or brokerage firm just like a stock, and is the result of a partnership between Binance and Amun. Unlike ETNs, ETPs are legally obligated to be backed one-to-one by reserves, which means ABNB is fully collateralized.

Speaking to CoinDesk Hany Rashwan, Amun’s CEO, noted the ETP is initially backed by $20 million worth of BNB, which represents nearly a quarter of the firm’s $75 million worth of crypto assets under management.

The figure is notable as Amun currently has a suite of 8 crypto ETPs, including the recently launched ABBA, which gives investors exposure to a basket of 90% bitcoin and 10% ether and is denominated in Swiss francs.

Binance’s CEO, Changpeng Zhao, was quoted as saying:

Our partnership with Amun in launching ABNB 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.

These products give investors a way to gain exposure to top cryptocurrencies, without having to manage the funds themselves. CryptoCompare data shows Binance’s BNB currently has a market cap of around $2.88 billion, and has been rising so far this year. One BNB is trading at $18.5.

Featured image via Pixabay.