Swiss-based stock exchange SIX is going to launch an exchange-traded product that will be based on Ethereum and Bitcoin.
The company spokesperson stated that the new product will be brought to life thanks to cooperation with Amun AG and Bitcoin Suisse AG.
The future ETP under ABBA ticker will be based on bitcoin and Ethereum with 90:10% ratio.
Amun AG noted that the announced product will be fully backed by physical assets. This means that every coin of ETP will be secured by purchased cryptos that will be kept in Bitcoin Suisse Vault, the company representative explained.
The idea to create such a product came from the observed demand for franc-based ETP.
With the launch of ETP, Amun AG will collect seven products that are traded on the SIX. For reference, the exchange has already listed ETPs based on XRP, bitcoin, Bitcoin Cash, Ethereum and crypto basket Amun Crypto Basket Index ETP and Amun Bitwise Select 10 Large Cap Crypto Index ETP.