Switzerland’s SIX stock exchange has announced the launch of an ETH exchanged-traded product. March 5 comprised the first trading day for the ETP, which is backed by Swiss company Amun AG. The launch comes one month after SIX announced its intention to launch a blockchain-powered exchange during the second half of this year.

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Switzerland’s primary stock exchange, the Zurich-based SIX, has launched trading for an ethereum exchange-traded product, the Amun Ethereum ETP (AETH). Flow Traders B.V., a liquidity provider specializing in ETPs, will provide market making services for AETH on SIX.

The ETP is backed by Swiss startup Amun AG, a company that claims to have launched “the world’s first listed crypto index product” in the form of the Amun Crypto Basket Index ETP (HODL). The HODL index is also traded on the SIX Swiss Exchange, with Flow Traders again providing liquidity for the market.

The HODL basket comprises an index of five leading cryptocurrencies. As of this writing, 49.39 percent of the HODL basket is BTC, 27.2 percent is XRP, 16.58 percent is ETH, 3.87 percent is LTC, and 2.96 percent is BCH.

Since launching during the last week of November 2018, Amun reports that the HODL index has gained 1,113 percent. On its first day of trading, the index generated $400,000 worth of trade.

At the start of February, SIX chairman Romeo Lacher announced SIX’s intention to launch a new exchange underpinned by blockchain technology during the second half of 2019.

The exchange, dubbed the SIX Digital Exchange (SDX), is expected to initially run parallel to SIX’s legacy exchange platform. By incorporating distributed ledger technology, transactions on SDX only require a single step and can be completed in less than one second, whereas the legacy platform requires three processes that can take up to several days to finish. Lacher also stated the exchange is hoping to conduct a security token offering.

Do you think that Amun’s ETH ETP will be able to attract significant liquidity? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

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The post Swiss Stock Exchange Launches Trading for ETH ETP appeared first on Bitcoin News.

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