VanEck Takes a Significant Step Into the Cryptocurrency Space by Registering a Trust Company in Delaware for a BNB-Linked ETF

Financial giant VanEck has taken a significant step into the cryptocurrency space in the United States by registering a trust company in Delaware for an exchange-traded fund (ETF)

Financial giant VanEck is making a major move into the cryptocurrency sphere in the United States. According to public records on the state of Delaware’s website, the firm has registered a trust company in the state for an exchange-traded fund (ETF) that will be backed by the cryptocurrency token BNB, native to the Binance exchange.

The record, which was filed on March 31 and is named "VanEck BNB ETF," signals the potential launch of a spot BNB ETF in the US market.

> This development could pave the way for a new influx of institutional capital into the BNB Chain ecosystem.

At the time of publication, the BNB price was trading at $601,27, down 1.7% over the past 24 hours. In a week, the asset's price has dropped by almost 5%. However, the network has seen a significant increase in trading volume. BNB (BNB) trading volume was $1.621.454.858 in the past 24 hours, representing a 60,90% increase from a day ago, signaling a recent surge in market activity.

VanEck’s move places the company at the forefront of offering traditional BNB-linked financial products in the U.S.

Earlier this year, the firm applied for the approval of a bitcoin futures ETF with the Securities and Exchange Commission (SEC). However, in February, the SEC postponed its decision on approving the iShares Short-Term High Yield Bond ETF. This delay also affected the approval of other ETFs, including those from WisdomTree, Defiance, and Bitwise.

The approval of a BNB ETF in the United States would be a significant milestone in the cryptocurrency market. It would expand the accessibility of cryptocurrency to traditional investors and could foster the adoption of BNB Chain.

The potential approval of a BNB ETF in the United States could have a significant impact on the cryptocurrency market. It could boost liquidity and demand for BNB.

Moreover, the accessibility of the ETF to traditional investors, who prefer to invest in regulated, exchange-traded financial products, could lead to a significant increase in BNB trading volume and further integration of cryptocurrency into the traditional financial system.