Swiss Stock Exchange Lists Ethereum Based ETP
Switzerland's principal stock exchange, SIX Swiss Exchange listed Ether as an exchange traded product (ETP). A few days earlier the same stock exchange listed Bitcoin for trading.
An exchange traded product is a commodity that is backed by a cryptocurrency or something that has value. The exchange will charge an annual fee of 2.5% to traders. This exchange has a market cap of 1.6 trillion dollars.
The ETP is maintained by Amun AG. Learn more about ETP's on their official website:
https://www.amun.com/en/products/hodl
Cool news, so are the ETP "physically" backed by crypto or does it just follow the price? I assume the latter.
It's like tether or TUSD. Not sure how the pricing works though.
Like tether you say? So the exchange claims that it's fully backed, but in reality it's backed by just thin air at best? ;-)
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