Swiss Stock Exchange Launches ETP Based on Bitcoin and Ethereum
The leading Swiss stock exchange SIX has announced the launch of a traded exchange product (ETP) based on Bitcoin and Ethereum, The Block reports.
The new financial instrument was launched thanks to the efforts of fintech firm Amun AG and cryptocurrency custodian Bitcoin Suisse AG. Bitcoin and Ethereum included in the ETP are represented in it in the proportions of 90% and 10%, respectively. The exchange product will be traded under the ticker symbol ABBA.
“This product is fully secured by physical assets. This means that for each bitcoin and Ether unit included in the ETP, an appropriate amount of cryptocurrency securely stored in Bitcoin Suisse Vault will be purchased, ”said Amun AG representatives.
CEO and co-founder of Amun Hani Rashwan noted that the new product was created in response to the demand of market participants for ETP nominated in Swiss francs.
Thus, this is the seventh cryptocurrency exchange funds from Amun, presented on SIX. On this exchange, ETPs are also traded based on the XRP token from Ripple, Bitcoin, Bitcoin Cash, Ethereum and products based on the crypto asset basket - Amun Crypto Basket Index ETP and Amun Bitwise Select 10 Large Cap Crypto Index ETP.