Binance Coin (BNB) Attracts Growing Interest from Large Financial Institutions

Binance Coin (BNB) is attracting growing interest from large financial institutions, with Standard Chartered Bank predicting a strong future yield and VanEck preparing to offer the first BNB ETF in the United States.

Standard Chartered Predicts Bright Future For BNB

In a note to clients viewed by TokenInsight, Standard Chartered predicted that BNB, the native crypto of the BNB Chain, could reach $2,775 by the end of 2028. That would be more than four times its current price, around $600.

The coin began in 2017 as Binance's Initial Coin Offering (ICO) and is now the fourth-largest cryptocurrency by market capitalization (excluding stablecoins), valued at more than $84 billion. Despite criticisms of its centralization, high fees, low real-world utility, and scarcity of developers, the coin is still closely linked to the main cryptocurrency exchange.

According to Geoffrey Kendrick, Standard Chartered's chief of digital asset analysis, since May 2021, the price movement of BNB has been remarkably similar to that of a combination of Bitcoin and Ethereum. This type of behavior makes it a useful asset class to track the overall crypto market. The bank believes that the future performance of BNB is dependent on Binance's continued dominance.

VanEck Files For First US BNB ETF

In a significant development for investors, VanEck has submitted a proposal to the SEC for the launch of the inaugural U.S.-domiciled spot BNB ETF. If approved, this ETF would hold actual BNB tokens and provide U.S. investors with regulated access to invest in Binance Coin. The ETF may also engage in staking, which would generate revenue for the fund.

This move follows the leading wave of emerging cryptocurrency ETFs. So far, there has been greater focus on Bitcoin, but experts anticipate that success could be transferred across broader top-performing altcoins, such as BNB.

With institutional demand rising and a potential ETF in the works, BNB could see strong demand in the coming years. This could support Standard Chartered's bullish prediction of reaching a price of $2,775 by 2028.