Swiss SIX Exchange to list Swiss Franc-denominated crypto ETP

Swiss stock exchange SIX is going to list a new crypto exchange-traded product (ETP) with a combination of bitcoin (BTC) and ethereum (ETH), The Block reported.

Amun AG, a Swiss fintech company, has partnered with crypto custodian Bitcoin Suisse AG to launch the Swiss Franc (CHF)-denominated ETP, under the ticker symbol ABBA. The ETP will reportedly allow Swiss investors to add a basket of BTC and ETH to their portfolio.

“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,” Hany Rashwan, co-founder and CEO of Amun, said.

As per the report, the current basket composition of the product is 90% of BTC and 10% of ETH, capturing nearly 75 percent of the total cryptocurrency market cap.

“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.

Speaking to CoinDesk, Rashwan said that the firm expects to have some $75 million in assets under management for this type of product’s portfolio by the end of 2019, driven by more product launches this coming quarter, including ETPs.

“[Amun is] expanding to more stock exchanges across more geographies covering more assets and more currencies,” he said.

Amun AG has previously listed HODL, a physically-backed ETP based on five leading cryptocurrencies; bitcoin-based ETP; Ethereum-based ETP; XRP-based ETP; and an ETP using Bitwise 10 Select Large Cap Crypto Index on the Swiss SIX Exchange.

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