Switzerland’s primary stock exchange SIX is introducing an exchange-traded product (ETP) under the ABBA ticker. The ETP is a product by fintech company Amun and Crypto service Bitcoin Suisse.
Switzerland’s SIX exchange is gearing up for a launch. According to the announcement, the ETP is nine parts Bitcoin and one part Ether. Thus, the product is a package that captures about 75 percent of the entire crypto market cap.
Additionally, the ETP has the ticker symbol ABBA for trading on SIX and it serves as an important financial hedge.
The ETP is fully collateralized, revealed Amun. Therefore, for every bitcoin and ether bought for the ETP, there will be an equally corresponding crypto amount stored securely in the Bitcoin Suisse Vault.
Hany Rashwan, the CEO of Amun said that the product has been designed for the Swiss by the Swiss to answer a need for a Swiss Franc (CHF)-denominated ETP. He also revealed that the product represents a unique way for investors to have the two major cryptocurrencies in their portfolio.
In other news, the launch means Amun now has seven cryptocurrency ETP products listed on the SIX exchange. XRP-based ETP, a BTC-based ETP, a bitcoin cash (BCH)-based ETP, an ETH-based ETP, the Amun Crypto Basket Index ETP, and Amun Bitwise Select 10 Large Cap Crypto Index ETP are the other products.
Recently, the SIX stock exchange became a shareholder in a digital ID company, PXL Vision. Last month, Martin Halblaub, the CEO of the exchange revealed he will be resigning to “strategic differences”.
What’s Amun about?
Amun is a digital asset tracking ETPs. Thereby, making investing in digital assets as easy as buying shares.
Additionally, investors can buy/sell Amun digital asset ETPs listed on the SIX Swiss Exchange via their bank or broker.
Users can efficiently invest in digital assets by gaining exposure to crypto with Amun. Besides, investors can enjoy simple access to investments through brokers.
You can access more products on Amun here.