Amun’s New Stablecoin BTCS Traces Inverse Price Of Bitcoin
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Amun’s New Stablecoin BTCS Traces Inverse Price Of Bitcoin

May 6, 2020      Jyoti Singh

A new token BTCSHORT (BTCS) launched by the Swiss fintech firm Amun, on May 06, 2020, would help the traders to earn profit whenever the price of the Bitcoin will fall.

The newly launched daily inverse token would return the gain to the users within the 24-hours period.

BTCS COunterpart of ETP

BTCS is a counterpart of bitcoin inverse exchange-traded product (ETP), which was launched in January 2020 by Amun, but currently, is supervised by its sister-firm 21Shares.

While explaining how BTCS works, Amun stated, “Typically, these purchases are short-term in nature, usually on a daily basis, as the holder aims to move in quickly to leverage a near-term decline in bitcoin to make a positive return”.

The CEO of Amun and 21Shares, Hany Rashwan, asserted that BTCS is a stablecoin which has been designed on ERC-20 token standard of Ethereum. The traders could easily buy this token from the secondary markets starting with Liquid. Later, it would be available on HitBTC and Bitcoin.com also.

21Shares Standards Required To Develop BTCS

He further claimed that in recent time, the demand for this kind of stablecoins is increasing day-by-day and the users are searching for options from where they can buy these inverse tokens easily and safely.

The main agenda of developing BTCS was to help the traders from all the divisions i.e., retail to institutional.

Rashwan told that BTCS has been created under the guidance and standards of 21Shares. Recently, the firm has registered 11 ETPs on multiple European stock exchanges and one of them is SIX Swiss.

As per the agreement, in exchange for USDC Coin, the BTCS could be minted and burned on Amun.

Rashwan notified that in future, Amun would launch the same kind of inverse token, Ether (ETH).

By rolling out the BTCS, the firm is helping to the risk-averse side of the crypto market as from now the investors would rade regulation-compliant products.

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Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.