Bitcoin, Ether exchange-traded products go live on Switzerland’s SIX Exchange

Zurich-based stock exchange, SIX Swiss Exchange, was in the news previously after it revealed that it would initiate an “initial digital offering” [IDO] by mid-2020. In a recent update, the stock exchange has made an exchange-traded product [ETP] available on its platform. The ETP is live on the platform with Bitcoin [BTC] and Ether [ETH].

The exchange platform has partnered with Bitcoin Suisse AG, a cryptocurrency custodian, and fintech firm Amun AG, in order to launch the ETP. Swiss investors can benefit from this latest addition as it would allow them to add a basket of BTC, as well as ETH into their portfolios.

CEO and Co-founder of Amun AG, Hany Rashwan, highlighted how the product has fulfilled the need for a Swiss Franc [CHF]-designated ETP, put together by the Swiss for the Swiss. Rashwan 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.”

The product currently comprises of 90% of Bitcoin and only 10% of ETH. The ETP can be identified with the ticker symbol ABBA for trading on the exchange platform.

Fintech firm Amun AG currently shelters about seven cryptocurrency ETP products on the SIX exchange, including XRP-based ETP, an ETH-based ETP, a Bitcoin-based ETP, a Bitcoin Cash (BCH)-based ETP, the Amun crypto-basket index ETP, along with Amun Bitwise select 10 large-cap crypto-index ETP.

Amun AG also elaborated on the latest addition of the product on the platform and said,

 “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.”