The Zurich Stock Exchange, SIX Swiss Exchange, is about to launch a new crypto-based ETP.
The product was developed by the fintech company Amun and the crypto service Bitcoin Suisse. It will be an Exchange-Traded Product (ETP) in Swiss francs, called Amun Bitcoin Suisse BTC/ETH Exchange-Traded Product (ETP) and identified by the ABBA ticker.
It will consist of 90% bitcoin and the remaining 10% ethereum. This will give investors access to 75% of the entire market capitalisation of cryptocurrencies, but since ABBA will be tradeable on the Zurich Stock Exchange, i.e. on the SIX Swiss Exchange platform, it will allow Swiss investors to add BTC and ETH to their portfolios directly using their brokers or conventional banks.
The ETP is issued by a Swiss company, registered in Switzerland and listed on the Swiss stock exchange.
In addition, it will be backed physically and fully collateralised, i.e. for each BTC and ETH purchased within the ETP there will be an equal amount of BTC and ETH tokens securely stored in the Bitcoin Suisse Vault.
ABBA is issued by Amun and managed through the Amun Onyx platform, the main issuing and administration platform for products traded in cryptocurrency in Switzerland.
Bitcoin Suisse, on the other hand, provides cryptocurrency custody via the Bitcoin Suisse Vault solution.
Lothar Cerjak, head of Bitcoin Suisse’s institutional services and products, said:
“We are excited to launch our first exchange traded product, part of our continually expanding range of services. Along with Amun, we share a strong desire to pioneer new possibilities in crypto finance, building with the highest standards of technology and service which Bitcoin Suisse offers since 2013”.
Amun’s co-founder and CEO, Hany Rashwan, added:
“The Amun Bitcoin Suisse BTC/ETH ETP was designed for the Swiss by the Swiss to answer a need for a 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. This product further exemplifies Switzerland’s leading position in the crypto space, where Amun is able to work closely with the exchange and authorities to create regulated, compelling, and institutional-grade financial products”.
Some time ago, Amun, in collaboration with Bitcoin.com and thus Roger Ver, had already launched an ETP on Bitcoin Cash.