Amun AG, a Swiss-based financial technology firm that creates financial on-ramps for the acquisition, trading and storage of cryptoassets, has announced the launch of its 21Shares Short Bitcoin exchange-traded product (ETP). The new ETP is listed on Switzerland’s SIX Stock Exchange and it allows bitcoin (BTC) traders to make a profit whenever the price of bitcoin (BTC) falls.
According to the company website, SDX will be the first-ever exchange to offer customers “fully integrated end to end trading, and settlement and custody service for digital assets.” The platform is expected to roll out in the first half of 2019.
Currently, the SIX exchange takes several days to perform a transaction, as the request goes through a three-step process before it is completed. With the introduction of the new SDX platform, two of these steps will be replaced by a blockchain integrated ledger, which will essentially speed up the process by thousands of times and now, the approval of a transaction will only take several seconds.
The integration of the new platform will require technical time, as there are many developmental and legal hurdles. During the first few months of the new platform’s release, the original SIX exchange will run parallel to it, however, SIX expects that the new exchange will outrun its predecessor fairly quickly.
Amun Enables Traders to Bet Against Bitcoin
While Bitcoin (BTC) ‘hodlers’ are always praying for the price of the world’s flagship cryptocurrency to hit the moon, Swiss-based Amun AG has rolled out a new ETP that will also put a smile on the faces of traders during a bear market.
Per sources close to the development, Amun calls its new inverse exchange-traded product the 21Shares Short Bitcoin ETP (SBTC).
The firm says SBTC is listed on the Swiss Stock Exchange (SIX) and as the name implies, it makes it possible for anyone to make money by betting on negative price movements of bitcoin.
Notably, the firm has made it clear that the new ETP comes with an annual management fee of 2.5 percent and the product is reset at the end of each day, enabling investors to quickly take advantage of short term price movements of bitcoin (BTC).
Amun Rolling Out More Crypto Investment Vehicles
Commenting on its new inverse ETP, Hany Rashwan, co-founder and CEO of Amun reiterated that while investment products such as its new SBTC already exists in traditional markets like stocks and bonds, the product is a first-of-its-kind for the cryptospace and it’s looking to introduce more of such in the near future.
Reportedly, with the launch of SBTC, Amun now has a total of 11 crypto ETPs powered by Bitcoin (BTC), Ether (ETH), XRP and others.
The firm claims it now has more than $55 million in assets under management, with its most in-demand ETPs being the HODL, Bitcoin ETP and Binance coin (BNB) ETP, which was launched in October 2019.
Amun AG, a leading Swiss company in the issuance of Exchange-Traded Products (ETP) based on cryptocurrencies, offers its customers as many as eight ETPs; notably, they launched the first Bitcoin Cash ETP ever created, an ETP based 90% on BTC and 10% on ETH launched last week, and now the first on Binance Coin.
Their goal is to bridge the gap between the traditional financial world and blockchain-based infrastructure.
According to the official announcement released by Binance, this collaboration will not stop at the mere issue of the ETP but represents a first step for the launch of innovative products that will contribute to the global transition towards cryptocurrencies.
Although Binance Coin has only existed since 2017, it has proven to be one of the most solid projects in the blockchain world. BNB is now the native token of the Binance Chain and is placed in the eighth position in terms of market capitalization, without forgetting that it has tripled in valye since the beginning of the year.
Amun says all its ETP will now come under the 21Shares brand name, with “21” in this case, referring to the fixed supply of Bitcoin.
Notably, the 11 ETPs that makeup Amun’s 21Shares, are listed in US dollars, with just two listed in Swiss francs and three in euros on the SIX exchange, while six out of the 11 ETPs are listed in Swiss francs on BX Swiss.
Amun says its currently awaiting the approval of the Swedish Financial Supervisory Authority (SFSA), to enable it to get its ETPs listed on more exchanges in Europe.