Hong Kong-Listed Investment Bank China Renaissance is trying to raise $ 600 million to introduce a public crypto state box focusing on BNB, the native token for the BNB chain, which is widely used for discounts on Binance fees.
The project, if completed, would mark one of the largest single efforts on BNB of a listed unit. The largest BNB-focused treasuries among listed companies are currently belonging to CEA Industries, which earlier this month raised its total token stocks to 480,000.
The proposed investment vehicle would be formed in the US and structured as a listed company designed specifically to buy and hold BNB, reports Bloomberg, citing sources familiar with the agreement.
Yzi Labs, Family Office of Binance co-founder of Binance, Changpen Zhao, plans to invest with the investment bank.
BNB has more than doubled in price this year and quickly recovered from the recent Crypto Market crash of $ 500 billion. Zhao’s family office is reportedly continuing to actively organize investor interest and recently hosts a dinner in Singapore entitled “BNB Visionary Circle: Igniting the Next Trillion”, which signalizes continuously appetite on BNB-centric investments.
BNB’s award has surpassed the market since, rising by 5.4% in the last seven days, while large tokens including Bitcoin and Ether are down marked during the period. The wider market, measured by Coindesk 20 (CD20) index, fell 8.45% over the past 7 days.
