EXANTE Launches Trading on Binance Coin (BNB) Fund
EXANTE has pushed ahead with its plans to broaden its cryptocurrency offering with the launch of a crypto fund pegged to Binance Coin (BNB), the native token associated with the largest crypto exchange in the world.
Binance Coin (BNB) is a utility token that was originally created to help the crypto venue with its financial needs. After Binance reached its funding goal, it has been using its profits to buy back the tokens and ‘burn’ them to reduce the overall circulating supply. This process will continue until 50 percent of all BNB are burned, or approximately 100 million tokens.
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Binance Coin is also used by participants to cut their fees when trading in and out of altcoins on the platform.
In addition to BNB, EXANTE customers can already trade over 20 funds pegged to crypto assets. The Malta-based broker debuted its Bitcoin-only hedge fund back in 2013. At the time, cryptocurrency trading was carried out through EXANTE crypto funds, which allow buying bitcoin and 15 popular altcoins.
A crypto offering from the very beginning
Exante offered the Bitcoin Fund with an initial minimum subscription of $100,000 and a 0.5% fee for subscriptions and redemptions (1 Bitcoin Fund share = 1 bitcoin). There’s also a commission of a 1.75 percent annual fee (payable in bitcoin to preserve the ratio) for managing the security necessary to safeguard the private keys.
Also in 2017, Exante launched a dedicated altcoin index, XAI, which allows clients to speculate on prices of popular alternative cryptocurrencies. XAI Fund is secured by the real cryptocurrencies included in the index, and it did not include Bitcoin into the list to make the offering more diversified.
EXANTE has been one of the few brokers that jumped on the cryptocurrency bandwagon from the very beginning. The company started the Bitcoin fund six years ago, which allowed trading that specific cryptocurrency, then added more popular altcoins such as Litecoin, Ethereum, Monero, Zcash, and Ripple.
Finance Magnates also reported on Exante last year when its new venture capital fund ‘Exantech’ announced its first investment – $10 million in cryptocurrency miner Comino.
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