Investment company VanEck filed to register a Delaware trust company for an exchange-traded fund (ETF) tracking Binance-linked BNB cryptocurrency.
VanEck, on March 31, registered a new entity under the name VanEck BNB ETF in Delaware, according to public records on the official Delaware state website.
In filing 10148820, the entity is registered as a trust corporate service company in Delaware, hinting at a potential spot BNB (BNB) ETF in the United States.
VanEck BNB ETF trust registration in Delaware. Source: Delaware.gov
According to social media reports, VanEck is the first company to propose a potential BNB ETF in the US, potentially signaling an expansion of BNB Chain — formerly known as Binance Chain — across traditional financial products in the market.
BNB ETP product already exists in Europe
While VanEck is the first to move toward a potential BNB ETF product in the US, similar products have been trading in Europe for several years.
Prominent European crypto asset manager 21Shares launched a BNB exchange-traded product (ETP) in Switzerland in October 2019, according to TradingView.
21Shares BNB ETP details. Source: TradingView
TradingView data suggests that 21Shares BNB ETP has only $15 million in assets under management (AUM), a 0.3% share of Switzerland’s total crypto AUM of $5.3 billion as of March 28, as reported by CoinShares.
The product reportedly saw a significant drop in fund flows in the past year, totaling 537 million euros, or $580 million.
What is BNB?
Formerly known as Binance Coin, BNB is the native digital asset of the BNB Chain, which is now described as a “community-driven and decentralized blockchain ecosystem for Web3 decentralized applications.”
BNB was launched by Binance in July 2017 as an ERC-20 token on the Ethereum blockchain as a tool to incentivize users to trade on their platform and pay for fees at a discounted rate.
Five top crypto assets by market capitalization. Source: CoinGecko
At the time of writing, BNB is the fifth-largest cryptocurrency asset by market capitalization, worth about $88 billion, according to CoinGecko.
Altcoin filings surge with Trump administration
VanEck’s BNB ETF trust filing is just one of many new US altcoin ETF filings and registrations that have followed Donald Trump’s presidential inauguration in January.
When TV cameras are let in to film world leaders meeting in person, the resulting footage is usually incredibly boring for journalists and incredibly safe for politicians.
Put through a total of almost 90 minutes of televised questioning alongside the American leader, it was his diciest encounter with the president yet.
But he still just about emerged intact.
For a start, he can claim substantive policy wins after Trump announced extra pressure on Vladimir Putin to negotiate a ceasefire and dialled up the concern over the devastating scenes coming from Gaza.
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There were awkward moments aplenty though.
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Image: The two leaders held talks in front of the media. Pic: Reuters
On green energy, immigration, taxation and online regulation, the differences were clear to see.
Sir Keir just about managed to paper over the cracks by chuckling at times, choosing his interventions carefully and always attempting to sound eminently reasonable.
At times, it had the energy of a man being forced to grin and bear inappropriate comments from his in-laws at an important family dinner.
But hey, it stopped a full Trump implosion – so I suppose that’s a win.
My main takeaway from this Scotland visit though is not so much the political gulf present between the two men, but the gulf in power.
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Trump gives Putin new deadline to end war
Sir Keir flew the length of the country he leads to be the guest at the visiting president’s resort.
He was then forced to sit through more than an hour of uncontrolled, freewheeling questioning from a man most of his party and voters despise, during which he was offered unsolicited advice on how to beat Nigel Farage and criticised (albeit indirectly) on key planks of his government’s policy platform.
In return he got warm words about him (and his wife) and relatively incremental announcements on two foreign policy priorities.
So why does he do it?
Because, to borrow a quote from a popular American political TV series: “Air Force One is a big plane and it makes a hell of a noise when it lands on your head.”
With Amazon and Walmart exploring stablecoins, institutions may be underestimating potential exposure of customer data on blockchains, posing risks to privacy and brand trust.
The European Central Bank may rely on regulated euro stablecoins and private innovation to counter the dominance of US dollar stablecoins, says adviser Jürgen Schaaf.