Asset manager VanEck has launched the first U.S. exchange-traded fund (ETF) that provides exposure to the cryptocurrency Binance Coin (CRYPTO: $BNB). 

The VanEck BNB ETF (NASDAQ: $VBNB) trades with shares backed by Binance Coin held in cold storage through custodian Anchorage Digital Bank. 

The fund has a fee of 0.39% and gives investors exposure to BNB through traditional brokerage accounts without requiring them to buy or store the cryptocurrency directly. 

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Binance Coin is the native token of BNB Chain and is used to pay network transaction fees across the blockchain ecosystem.

BNB Chain is a community-driven blockchain originally launched by the cryptocurrency exchange Binance. It acts as a network for Web3 and decentralized finance (DeFi). 

VanEck said BNB Chain processes more than 14 million transactions per day and supports over 2.5 million daily active users. 

Spot Bitcoin (CRYPTO: $BTC) and Ethereum (CRYPTO: $ETH) ETFs have net assets of $86.45 billion U.S. and $11.60 billion U.S., respectively, according to market data. 

Several ETFs focused on altcoins such as Solana (CRYPTO: $SOL) and Dogecoin (CRYPTO: $DOGE) have been launched in recent years.