Two of the leading Swiss-based companies in the crypto financial services space, have partnered to launch a crypto-based financial product is coming to the Swiss stock exchange SIX. This allows Swiss investors to add a basket of bitcoin and ether to their portfolio, using their conventional brokers/banks.
Bitcoin Suisse and Amun
Fintech firm Amun and crypto fintech service Bitcoin Suisse announced Thursday the launch of its Swiss franc denominated Amun Bitcoin Suisse BTC/ETH exchange-traded product (ETP) under the ABBA ticker. This is the firm’s first ETP; Bitcoin Suisse currently holds some $1 billion.
Swiss investors can gain exposure
The market-weighted ABBA ETP is composed of a basket of approximately 90% of bitcoin and 10% of ether as of today. This means through the market-weighted ABBA ETP, Swiss investors gain exposure to more than 75% of the cryptocurrency market. ETPs are legally obligated to be backed one-to-one by reserves, unlike exchange-traded notes (ETNs). Essentially, every BTC and ETH custodied in the ETP is fully backed.
Hany Rashwan, Co-Founder and CEO, Amun, explains:
“The Amun Bitcoin Suisse BTC/ETH ETP was designed for the Swiss by the Swiss to answer a need for a 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.”
The product follows Amun’s numerous other crypto-based ETPs launched this year, based on leading cryptocurrencies by volume traded such as Bitcoin, Bitcoin Cash, Ethereum and Ripple.
The ABBA ETP is issued by Amun and administered via the Amun Onyx Platform, the premier issuance and administration platform for crypto exchange traded products. From a range of existing digital asset products in the market today, ABBA differentiates itself from its solid conservative structure and its quality market makers involved in the trade process, allowing both retail and institutional clients in Switzerland and worldwide to gain cost-effective, regulated, and secure exposure to this novel asset class.