Swiss
Swiss SIX Exchange to Launch Crypto ETP Denominated in Swiss Francs
October 4, 2019
Swiss
Swiss SIX Exchange to Launch Crypto ETP Denominated in Swiss Francs
October 4, 2019

A crypto-based financial product is coming to the Swiss stock exchange SIX.

Amun, a Fintech firm and Bitcoin Suisse, a crypto fintech service declared that the launch of its Swiss franc denominated Amun Bitcoin Suisse BTC/ETH exchange-traded product (ETP) under the ABBA ticker. Nine parts bitcoin and one part ether by percentage, the ETP captures some 75 percent of the total cryptocurrency market cap in one listed product.

In an interview, Hany Rashwan, the CEO of Amun said that the ETP serves as an important financial hedge. Based on the two largest cryptocurrencies by market cap and denominated in Swiss francs, Rashwan said that the product is uniquely Swiss.

Rashwan told:

“It’s the conservative Swiss way of doing things.”

Hany Rashwan

Unlike exchange-traded notes (ETNs), ETPs are legally obligated to be backed one-to-one by reserves. Amun says that the ETP is fully collateralized with bitcoin and ether custodied in Switzerland by Bitcoin Suisse. The firm’s first ETP since its founding in 2013, Bitcoin Suisse currently holds some $1 billion.

Hany Rashwan, CEO of Amun

The product follows Amun’s numerous other crypto-based ETPs launched this year, based on leading cryptocurrencies by volume traded such as bitcoin, bitcoin cash, ethereum and XRP.

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Rashwan also told that the firm expects to have some $75 million in assets under management for this type of product’s portfolio by the end of the year, spurred on by further product launches this coming quarter, including ETPs.

Rashwan added:

“[Amun is] expanding to more stock exchanges across more geographies covering more assets and more currencies.”

Hany Rashwan

Source: Coindesk


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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