Bitcoin Cash founder Roger Ver has just proudly announced on Twitter that the fifth largest cryptocurrency by market capitalization has been listed on the Zurich-based SIX stock exchange as an exchange-traded product (ETP). BCH will trade on SIX under the ticker symbol “ABCH.”
A new individual asset tracker
The Bitcoin Cash ETP was listed by London-based fintech firm Amun spearheaded by Hany Rashwan. The new investment product was seeded by Bitcoin Jesus himself with 25,000 BCH.
Bitcoin Cash is becoming a game changer in the crypto ecosystem and beyond, and Amun will help solidify its global adoption,” says Ver.
Prior to ABCH, SIX had introduced five cryptocurrency-related ETPs for both separate assets (Bitcoin, Ethereum, XRP) and baskets of top cryptocurrencies by market capitalization.
Bitcoin Cash already comprised 5.2 percent of the assets included in the first crypto ETP that was launched on Nov. 17, 2018, gaining worldwide coverage.
Switzerland asserts its dominance
Such news injects a new dose of legitimacy into the cryptocurrency market. Crypto-based ETPs allow institutions to treat cryptocurrencies in the same way as stocks and bonds. Both ETPs and ETFs offer exposure to the mercurial market without even owning it. The main difference between these two investment vehicles is that ETPs are always fully backed by the asset they are tracking.
While Switzerland continues to elevate the cryptocurrency industry, there is zero indication that the US SEC will approve three pending crypto ETF proposals anytime soon.