Swiss Stock Exchange Launches Ethereum-backed ETP

The largest stock exchange in Switzerland, the SIX Swiss Exchange recently launched an Ethereum-backed exchange-traded product or ETP. The news was announced on the 5th March on the company’s website.

This comes a mere week after SIX announced the launch of its Bitcoin-backed ETP. Currently, it stands that both ETP’s will carry a management fee of 2.5%. The ETPs which will trade under the tickers AETH and ABTC are both sponsored by crypto startup Amun AG.

The Swiss stock exchange’s Ethereum ETP was first announced back in November 2018, with SIX announcing that it plans to list five cryptocurrency-based ETP’s which includes Bitcoin (BTC), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC) and of course Ethereum (ETH).

Currently, it’s predicted that the Ethereum ETP is set to acquire a market share of 16.7% while Bitcoin is set to account for up to half the ETP’s assets. Furthermore, Bitcoin Cash and Litecoin are predicted to account for 5.2% and 3% respectively.

SDX Digital Trading Platform Coming Later:

SIX recently completed the setup for testing blockchain integration for its highly anticipated parallel digital trading platform SDX, which is set to roll out during the second half of this year.

At the time of press, the finalisation of the launch date of the new platform is expected in late summer, with the exact date still under legal and regulatory scrutiny and clarification with the Swiss regulator – the Financial Market Supervisory Authority.

Back in November 2018 as reported by CoinBeat Media, SIX launched the first crypto ETP product HODL which tracked the five of most significant crypto assets including Bitcoin, XRP, Litecoin and Bitcoin Cash.

Hany Rashwan, CEO and co-founder of Amun AG, explained:

“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.”

This is excellent news for the adoption of crypto assets into the traditional financial, the question is, however, will this spread to stock exchanges in other nations?