Amun Released A Bitcoin ETP under the Leading Exchange Firm in Sweden, SIX

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January 22 – Amun AG, a Swiss cryptocurrency firm, has officially released an Exchange Traded Product (ETP) under the leading stock exchange company in Switzerland, Six Swiss Exchange (SIX). They call it the 21Shares Short Bitcoin, or the SBTC. They described the SBTC as a product that is capable of obtaining short exposure by way of borrowing Bitcoin and then concurrently selling them on a platform of execution.

In 2018 alone, SIX has garnered an estimated figure of 1.94 billion Swiss francs ($2billion) in operating income, and then 2.88 billion Swiss francs ($2.97 billion) in net profit while also running with a total number of 2,594 employees. The exchange company has also stated that they possess a 70.8% market share of trading within the Swiss Leader Index. On top of all that, SIX boasts 32.4 million financial instruments within its database. You may see all these figures on their official website.

The SBTC is Switzerland’s first-ever regulated inverse BItcoin ETP. The head of Amun, Hany Rashwan, feels completely proud of this achievement and has explained on a press release on January 23, that they worked extra hard to be in such a position. He later added that Amun does indeed offer excellent investment products. However, he believes that they still lack something. That missing piece was the capability to deliver a product that can profit from adverse price movements – but now, they found their answers within SBTC.

The Latest Installment to a Long On-Going Series

SBTC is another product to Amun’s long list of crypto-based financial derivatives that are a hundred percent collateralized. As we may all firmly remember, the company has already released the Amun Bitcoin, Amun XRP, Amun Binance ETP, among many more. Amun plans to release more products such as these the moment they observe the public’s perception towards SBTC as a success. Rashwan sees the demand for derivatives is at an all-time high and is still rapidly increasing. This is evidenced in the last year’s December, wherein the interest for Bitcoin futures of Bakkt hit its ceiling. With that said, they plan to cater to, such as long as the trend stays the same.

It is also worth mentioning that at the end of last year, Amun has also successfully penetrated the European Union market with their products, and thus, opening up a broader demographic.

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