In November 2018, SIX Swiss Exchange, Switzerland’s major stock exchange based in Zurich, approved the listing of the world’s first multi-crypto-based exchange-traded product (ETP) called the “Amun Crypto ETP”.
The Amun Crypto Basket Index ETP under the ticker symbol HODL was developed to track 5 major crypto assets, including Bitcoin (BTC), XRP, Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). It was the first time when SIX Group also announced its upcoming Ethereum ETP.
Single Coin ETPs
And now, on March 5, trading of an Ethereum-based exchange-traded product was launched. It happened just one week after launching a Bitcoin exchange-traded product issued by Amun AG, a Swiss fintech special purpose company. Amun Bitcoin ETP is traded under the ticker symbol ABTC.
As for an Ethereum-backed ETP that will be traded under the ticker symbols AETH, it will be sponsored by crypto startup Amun as well and they both will have a management fee of 2.5 percent.
Speaking about their products, Hany Rashwan, CEO and co-founder of Amun AG, said:
“With both HODL for the index and ABTC/AETH for the single coin, we have given investors around the world access to this innovative and exciting asset class through a regulated exchange and the traditional financial market. We also plan to launch more products across multiple geographies.”
According to the information revealed by SIX Group, the Ethereum ETP is to take a 16.7% market share and the Bitcoin ETP is meant to acquire around 8%. When the XRP ETP will be launched, it is said that it will acquire a market cap of 24.4%, while Bitcoin Cash and Litecoin will take on 5.2% and 3% of the market share respectively.
In the context of ETPs launching, it’s necessary to avoid their confusion with exchange-traded funds (ETFs) that are still waiting for the approval of the US SEC as they are considered to be able to cause serious sentiment shifts in the Bitcoin and other cryptocurrency markets.
SDX Digital Trading Platform
Today SIX Swiss Exchange pays a lot of attention to blockchain technology and a possibility to apply it to its activities with a view to increase the level of its services and enhance its client experience.
Recently, Coinspeaker has also reported that SIX Swiss Exchange has announced its plans to launch its new blockchain-powered SDX Digital Trading Platform. The launch of this parallel platform is scheduled for the second half of the year.
Nevertheless, the exact date is still unknown as it greatly depends on some legal and regulatory issues and, consequently, on the approval of the Financial Market Supervisory Authority that is the Swiss market regulator.
The new project is intended for speeding up trading and it is believed that it will even manage to replace the currently existing SIX marketplace within a decade.