The Swiss-based crypto broker, Bitcoin Suisse has just teamed up with the fintech company Amun to launch a new crypto exchange-traded product (ETP) on the nation’s stock exchange SIX.
Under the ticker ‘ABBA’, the joint bitcoin and ethereum product have already gone live on the SIX exchange.
Weighted at 90 percent bitcoin and 10 percent ethereum, the ETP represents the latest crypto offering to launch on SIX, which already features dedicated Bitcoin, Ether, Bitcoin Cash (BCH) and other ETPs.
The Amun CEO Hany Rashwan added:
“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.”
The co-founder and CEO of Amun, Hany Rashwan said that the product has been designed for the Swiss by the Swiss to answer a need for a Swiss Franc (CHF)-denominated ETP. “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.”
Reports surfaced earlier in the year announcing SIX had opened its doors to crypto-financial tools in recent years as part of an overall move to embrace the sector.
The firm is currently undergoing a launch for a blockchain-powered version of its platform called SDX however the release was delayed. However, a prototype will launch prior to a later mainnet release near the end of next year. SDX chairman Thomas Zeeb highlighted this at the time saying:
“SDX is a testament to the innovative nature of the Swiss stock exchange and the foresight of its shareholders – we are combining existing market technology with revolutionary new technologies to create the market of the future.”
It will be interesting to see how this situation plays out. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe! For more news on this and other crypto updates, keep it with CryptoDaily!