SIX is another crypto-based monetary product is coming to the Swiss stock exchange.
On Thursday, Fintech firm Amun and crypto fintech service Bitcoin Suisse declared the launch of its Swiss franc denominated Amun Bitcoin Suisse BTC/ETH exchange-traded product (ETP) under the ABBA ticker. By percentage, nine parts bitcoin and one part ether, the ETP captures some 75% of the total cryptocurrency market cap in one listed product.
Amun CEO in an interview told that the ETP serves as a vital financial hedge. Based on the two largest cryptocurrencies by market cap and denominated in Swiss francs, the product is uniquely Swiss.
He added, “It’s the conservative Swiss way of doing things. It’s safe, cheap, and conservative.”
ETPs are legally obligated to be backed one-to-one by reserves, unlike exchange-traded notes (ETNs),. As per Amun, the ETP is fully collateralized with bitcoin and ether custodied in Switzerland by Bitcoin Suisse. Since its founding in 2013, the firm’s first ETP, Bitcoin Suisse currently holds some $1 billion.
The product follows Amun’s many other crypto-based ETPs launched this year, based on top cryptocurrencies by bulk traded such as bitcoin, bitcoin cash, ethereum and XRP.
The CEO told that the firm awaits to have some $75 million in assets under management for this type of product’s portfolio by the end of the year, encouraged on by further product launches this upcoming quarter, including ETPs.
