Swiss Six Exchange Lists Tezos-Based ETP with Staking Rewards
Switzerland’s primary stock exchange, Six, has listed Tezos-based exchange-traded product (ETP) that enables its investors to generate passive income.
Furthermore, the product is traded under the symbol AXTZ and it is issued by fin-tech Amun AG in partnership with the Tezos Foundation. The ETP went live for trading on November 5. Amun claimed it is the first such product; which will allow investors to earn a passive income via transactions that are validated on the Tezos blockchain. The firm will charge an annual management fee of 2.5%.
As per Amun’s website, AXTZ will be administered through the ONyx platform. Additionally, for the Tezos ETP, users can use Coinbase Custody for staking.
Moving forward, as per the overview of the product, the ETP’s investment aim is both to provide exposure to the performance of Tezos; while generating additional yield for investors through what is being called “baking rewards”. Speaking to news outlet, CEO of Amun AG, Hany Rashwan, reiterated on the same and said:
“Investors will be able to buy a stock for as low as $20 and we bake/stake on their behalf and return it to them as a dividend without them required to do any staking on their own.”
Exploring the German Market
In conclusion, the platform hosts about nine cryptocurrency ETP products on Swiss Six Stock Exchange, including the Tezos token. In addition, the platform explored the German market with the launch of ETP products on the stock exchange, Boerse Stuttgart. Access to ETPs is limited to the United States dollar and Swiss francs only. However, the latest partnership will lead to the addition of Euros. In particular, Amun AG’s Managing Director, Laurent Kassis, commented on the same and noted:
“For the first time, European investors have access to an institutional-grade, low-cost, exchange-traded investment vehicle in Euros tracking a basket of crypto currencies and other single issuances.”
About The Author
Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.
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