Swiss SIX exchange lists bitcoin and ether exchange-traded product
October 3, 2019, 1:00AM EDT
1 min read
An exchange-traded product (ETP) with a combination of bitcoin (BTC) and ether (ETH) is going live tomorrow on Switzerland’s primary stock exchange SIX.
Fintech firm Amun AG and cryptocurrency custodian Bitcoin Suisse AG have partnered to launch the ETP, which will allow Swiss investors to add a basket of BTC and ETH to their portfolios, according to a press release shared with The Block on Thursday. Currently, the basket composition of the product is 90% of BTC and 10% of ETH.
The ETP goes with the ticker symbol ABBA for trading on SIX. “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 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.”