As a seasoned researcher with a penchant for blockchain technology and its various applications, I find the recent development surrounding Osprey Funds’ Osprey BNB Chain Trust particularly intriguing. The fact that this is the first U.S.-based fund to offer exposure to BNB, a key player in the rapidly evolving world of decentralized finance (DeFi), is a testament to the growing mainstream acceptance of cryptocurrencies.
The American cryptocurrency investment company, Osprey Funds, LLC, has shared that its product, Osprey BNB Chain Trust, is now tradable on the OTCQX Best Market under public scrutiny.
Noteworthy is that this fund serves as the pioneer in the U.S., allowing investment in BNB, the indigenous token of the BNB Chain network. Its purpose is to create an avenue for investors to gain access to this cryptocurrency using conventional brokerage and Individual Retirement Account (IRA) accounts.
BNB Gains US Accessibility
In a recent press statement, Osprey announced that Binance Coin (BNB) is integral to numerous decentralized applications, DeFi platforms, and smart contracts. At present, BNB cannot be traded on U.S. centralized exchanges; however, the newly established fund offers an opportunity for investors to acquire exposure using U.S. dollars.
Following the development, Greg King, CEO of Osprey Fund, commented,
At Osprey, we’re dedicated to connecting the worlds of conventional finance and digital currencies. We offer investment opportunities for those eager to be part of the significant shift in generations spurred by blockchain technology. The debut of our Osprey BNB Chain Trust highlights our mission to make top-tier crypto assets accessible to all.
As a researcher, I’m excited to announce that the previously exclusive Osprey BNB Chain Trust has expanded its reach, now available to a wider investor base through the OTCQX market.
Confirming the news, Binance co-founder and former CEO Changpeng “CZ” Zhao also tweeted,
The initial U.S. exchange-traded fund (ETF) focused on Bitcoin, known as $OBNB, recently made its public debut. Although I had no role in this development, I became aware of it just a few days back. A robust and active community seems to be supporting it.
BNB Ecosystem So Far
Currently, as I’m typing this, Binance Coin (BNB) ranks fifth among cryptocurrencies in terms of market capitalization. It hit a record high above $780 during the first week of December, boosted by a broader market surge. Since then, there’s been a slight correction, and the price now hovers around $702. However, over the past year, BNB has experienced significant growth, increasing more than 182%.
Although BNB Chain experienced an upward price trend in November, it also encountered a significant increase in sandwich attacks, with approximately 35.5% of its blocks being affected. These attacks, which utilized MEV strategies such as front-running, exploited the chain’s transparent decentralized exchange (DEX), affecting around 43,400 traders by taking advantage of their trades.
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2024-12-20 01:28