Tag: six

Swiss SIX Exchange Launches Bitcoin and Ether Exchange-Traded Product

Fintech firm, Amun and crypto custodian Bitcoin Suisse and announced today of the launch of its Swiss Franc denominated Amun Bitcoin Suisse BTC/ETH exchange-traded product (ETP). This ETP, a combination of Bitcoin and Ether, has gone live on the Swiss stock exchange, SIX. 

The launch of the ETP will allow Swiss investors to add BTC and ETH to their portfolios. The composition of the ETP is 90% BTC and 10% ETH. Trading on SIX, the ETP is under the ABBA ticker symbol.  

As described by Amun AG, “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.” 

Hany Rashwan, the co-founder and CEO of Amun, stated that the product had been designed specifically for the Swiss by the Swiss to address the need for a Swiss Franc (CHF)-denominated ETP. He said,  

“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.”  

Post-launch, Amun AG has added the seventh cryptocurrency ETP listed on the Swiss SIX exchange.  

SDX sets up a global consortium for its initial digital offering in 2020  

The Swiss Digital Exchange (SDX) has been reportedly setting up a global consortium of financial institutions for its plan to launch its initial digital offering (IDO) in 2020.  

The IDO was explained to be similar to a traditional initial public offering, although the shares will be issued in the form of security tokens on SDX. The launch of the SDX was postponed to Q4 of 2020. 

Image via Shutterstock

Binance Partners with Amun to Launch BNB ETP on Swiss SIX Exchange

Cryptocurrency exchange Binance has partnered with Switzerland-based exchange-traded product (ETP) Amun to launch the Binance token (BNB) ETP. The BNB ETP is listed on the Swiss stock exchange, SIX under the ticker ABNB and is available for purchase through a bank or brokerage, like a stock. 

Hany Rashwan, CEO of Amun said that the ETP will initially be backed by $20 million worth of BNB, accounting for almost a quarter of the firm’s total crypto assets under management. 

Changpeng Zhao, CEO of Binance said in a statement: 

“Our partnership with Amun in launching the BNB ETP will provide investors with a new and regulated asset class with a unique dimension to utility tokens, making them more accessible and reliable through a traditional financial infrastructure. This will provide traditional investors access with diversified exposure and segue into the global cryptocurrency market and its innovative products.” 

BNB has been addressed as a utility token by Binance, however, the ABNB is an ETP which is a security, opening up to investors to buy into the “Binance ecosystem” without directly holding the exchange’s native token.

  

Rashwan added, “we are so excited to partner up with the world’s largest crypto exchange and make their native token accessible to institutional and retail investors in a secure, affordable, and regulated Swiss exchange-traded product.” 

Stocks image via Shutterstock

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