The Swiss cryptocurrency financial firm, Amun AG, has launched an Exchange Traded Product (ETP) that offers investors an inverse exposure to Bitcoin ( BTC ), called 21Shares Short Bitcoin (SBTC).
As Cointelegraph Japan reported early today, Amun launched the derivative in question on January 22 on the main Swiss stock exchange, Six Swiss Exchange. The product description on the official website of the company is as follows:
“21Shares Short Bitcoin ETP (Ticker: SBTC) seeks to provide a -1x return to Bitcoin performance for a single day. This product gets a short exposure through the Bitcoin loan and the simultaneous sale on an execution platform.”
● CME Bitcoin futures options passed regulatory approval and are now available
According to its official website, Six Swiss Exchange has recorded 1,940 million Swiss francs ($ 2,000 million) in revenue in 2018, 2,880 million Swiss francs ($ 2,970 million) of net benefits in 2018 and has 2,594 employees. The stock market also claims to have a 70.8% market share of operations in the Swiss Leader Index. Six exchange also has 32.4 million financial instruments in its database.
First Bitcoin reverse ETP regulated in Switzerland
In a press release announcing the new product published today, Amun CEO Hany Rashwan explained that the launch of this ETP is an important addition to its derivatives. Affirming that:
“We have worked hard to be in a position to launch the first Bitcoin reverse ETP in a regulated trading place here in Switzerland. Amun offers an existing suite of long-term investment products for a variety of crypto assets, however, the only thing that missing was to deliver a product to capitalize on negative price movements. “
● The FTX Crypto Exchange launched Bitcoin options trading
The latest product of a long series
This ETP is one of a long series of crypto-based financial derivatives, fully collateralized and guarded, launched by Amun. Previously, the company also launched the Amun Crypto Basket Index ETP, Amun Bitcoin, Amun Ethereum, Amun XRP, AMUN Bitcoin Cash ETP, Amun Binance ETP, Amun Tezos ETP, Amun Bitcoin Suisse ETP, Amun Bitwise 10 ETP and ETP Index Winners of Amun Sygnum Platforms.
A spokesman for Amun told Cointelegraph that, depending on the success of SBTC, the firm can launch more crypto ETPs, as well as other products such as leveraged derivatives. The company’s CEO, Hany Rashwan, told Cointelegraph that Amun’s products are regulated and said they are easy to use. Then, he also shared his perspective on the current products that are missing in the crypto-derived landscape:
“Crypto is becoming an asset class and the demand for derivatives such as leverage and investments is massive and growing rapidly. However, the products that exist today in the form of options/futures are mostly built to starting from unregulated geographies, which dissipate institutional investors or are too complicated and require too complicated management for retail investors. “
● Exchange of crypto derivatives leaves the EU to go to Panama, expands the requirements of “Know your Customer”
In December 2019, Amun also obtained approval to offer its products to retail customers in the European Union, effectively opening access to crypto to a broader demographic.
Many companies launch cryptocurrency derivatives as investors show a growing demand for such products.
In early December, the open interest of Bitcoin futures in the digital asset platform, Bakkt, reached a new all-time high. Earlier this month, the cryptocurrency derivatives exchange, FTX, launched a Bitcoin derivatives product and reportedly reached $ 1 million two hours after launch.