10-05-2019 icon

Switzerland’s Stock Exchange Lists BTC and ETH Exchange-Traded Product

By Sagetwriter

The Switzerland Stock Exchange (SIX) has listed a new crypto exchange-traded product (ETP), courtesy of a partnership between Swiss crypto broker Bitcoin Suisse and fintech firm Amun AG.

As reported, the joint Bitcoin (BTC) and Ether (ETH) product with ticker symbol ‘ABBA’ is now live on the Swiss exchange; and is weighted 90% Bitcoin and 10% Ether.

Speaking on the listing, CEO of Amun Hany Rashwan remarks:

This physically-backed ETP is fully collateralized, which means for every bitcoin and ether bought for the ETP, there will be an equal corresponding crypto amount stored securely in the Bitcoin Suisse Vault…It represents a unique way for investors to add the two major cryptocurrencies globally to their portfolio via a regulated product listed on SIX and backed by a Swiss-based custodian.

It will be recalled that this isn’t a first of SIX crypto financial offerings as the exchange has in recent times opened its doors to the crypto industry. At this time, there are a total of seven cryptocurrency ETP products on the SIX exchange; these include XRP-based ETP, BCH-ETP, BTC-ETP, ETH-ETP, Amun Crypto Basket Index ETP and Amun Bitwise Select 10 Large Cap Crypto Index ETP.

The parent company of SIX is also slated to introduce a blockchain version of its platform SDX in the fourth quarter of next year.