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Swiss cryptocurrency monetary agency Amun AG launched an Change Traded Product (ETP) giving traders inverse publicity to Bitcoin (BTC), referred to as 21Shares Brief Bitcoin (SBTC).
As Cointelegraph Japan reported earlier right this moment, Amun launched the by-product in query on Jan. 22 on Switzerland’s main inventory alternate, Six Swiss Change. The outline of the product on the agency’s official web site is as follows:
“The 21Shares Brief Bitcoin ETP (Ticker: SBTC) seeks to supply a -1x return to the efficiency of Bitcoin for a single day. This product obtains brief publicity by means of borrowing Bitcoin and concurrently promoting it on an execution platform.”
In keeping with its official web site, the Six Swiss Change has seen 1.94 billion Swiss francs ($2 billion) in working revenue in 2018, 2.88 billion Swiss francs ($2.97 billion) of web earnings in 2018 and has 2,594 staff. The alternate additionally claims to have a 70.8% market share of buying and selling within the Swiss Chief Index. Six alternate additionally has 32.four million monetary devices in its database.
First regulated inverse Bitcoin ETP in Switzerland
In a press launch saying the brand new product printed earlier right this moment, Amun’s CEO Hany Rashwan defined that the launch of this ETP is a vital addition to its derivatives. He claimed:
“We now have labored exhausting to be ready to launch the primary inverse Bitcoin ETP on a regulated buying and selling venue right here in Switzerland. Amun presents an current suite of lengthy funding merchandise for quite a lot of crypto belongings, nonetheless, the one lacking puzzle was to ship a product to capitalize on adverse worth actions.”
The final product in a protracted sequence
This ETP is one in a protracted sequence of totally collateralized and custodied crypto-based monetary derivatives launched by Amun. Earlier, the corporate additionally launched the Amun Crypto Basket Index ETP, Amun Bitcoin, Amun Ethereum, Amun XRP, AMUN Bitcoin Money ETP, Amun Binance ETP, Amun Tezos ETP, Amun Bitcoin Suisse ETP, Amun Bitwise 10 ETP and Amun Sygnum Platform Winners Index ETP.
An Amun spokesperson instructed Cointelegraph that — relying on SBTC’s success — the agency might launch extra crypto shorting ETPs in addition to different merchandise equivalent to leveraged derivatives. The agency’s CEO Hany Rashwan instructed Cointelegraph that Amun’s merchandise are regulated and claimed that they’re simple to make use of. Then, he additionally shared his perspective on present merchandise missing within the crypto by-product panorama:
“Crypto is reworking into an asset class and the demand for derivatives like leverage and inverses is each huge and rising quickly. But, the merchandise that exist right this moment within the type of choices/futures are constructed principally out of unregulated geographies which dispels institutional traders or are too sophisticated and require plenty of administration which is simply too sophisticated for retail traders.”
In December 2019, Amin additionally acquired approval to supply its merchandise to retail shoppers within the European Union, successfully opening entry to crypto publicity to a broader demographic.
Many firms launch cryptocurrency derivatives because the traders present an rising demand for such merchandise.
In early December, Bitcoin futures open curiosity on digital asset platform Bakkt hit a brand new all-time excessive. Earlier this month, cryptocurrency derivatives alternate FTX launched Bitcoin and reportedly hit $1 million two hours after launch.
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