Altcoin News: Swiss Leading Stock Exchange Conducts Bitcoin and Ether ETP Listing

October 3, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

An exchange-traded product (ETP), combining Bitcoin and Ethereum, has been listed on Switzerland’s leading stock exchange SIX.

Fintech company Amun AG and crypto-custodian company Bitcoin Suisse AG have joined forces to launch a tool that will allow investors in Switzerland to add Bitcoin and Ethereum to their portfolios, writes The Block. Currently, the ETP basket is 90% Bitcoin and 10% Ethereum.

On the Swiss stock exchange, ETP will be available under the ticker symbol “ABBA”.

“This physically-backed ETP is fully collateralized, which means that for every bitcoin and ether bought for the ETP, there will be an equal corresponding crypto amount stored securely in the Bitcoin Suisse Vault,” said Amun AG.

Hany Rashwan, co-founder and CEO of Amun, said that the product was created taking into account the market needs for crypto-ETP denominated in Swiss francs.

“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,” Rashwan added.

With today’s launch, the number of supported crypto-ETPs supported by Amun AG on SIX has reached seven. These include ETC based on BTC, BCH, ETH, XRP and two composite products.

Author: Marko Vidrih