Switzerland based Six stock exchange has ventured into crypto trading services by listing ETH and ETP on the exchange. ETP trading started on the platform on March 5 which is backed by the Swiss company Amun AG. The listing of crypto assets was being speculated after Six has announced its plans to venture into Blockchain based exchange services.
At the beginning of February, Romeo Lacher, the chairman of SIX has announced the company’s plans of launching a new exchange service based on the Blockchain technology
The new crypto-based platform is called SIX Digital Exchange(SDX) which is expected to run in parallel with the traditional stock exchange. SDX being powered by the Distributed Ledger Technology, only requires users to complete one step to register themselves and hardly takes a few seconds. On the contrary, the traditional stock exchange requires three-step registration, which might consume several days in the process. SDX also plans to conduct a security token offering later this year.
SDX Service Offerings
SIX Digital Exchange(SDX) currently offers services for an ethereum exchange-traded product, the Amun Ethereum ETP (AETH). The liquidity services for the exchange will be provided by Flow Traders B.V, which specializes in ETPs liquidation.
The ETP trading services on SDX will be backed by Amun AG, which claims to have created “the world’s first listed crypto index product.” The index is called Amun Crypto Basket Index ETP (HODL). The same HODL index is also being used on the Swiss stock exchange.
The HODL index takes 5 major cryptocurrencies into consideration where Bitcoin has 49.39 of the total HODL basket, Ripple holds a 27.2 percent, Ethereum has a 16.58 percent share, while Litecoin and Bitcoin cash holds 3.87 percent and 2.96 percent respectively.
The Amun AG also claims to have generated $400,000 worth of trade ion the first day of the trading.
Looking at an increased level of interest among the traditional and institutional exchanges towards offering crypto focused trading services, the acceptance of crypto seems to be on the rise. With traditional players who used to be the biggest critique of crypto space for its price volatility has come around to join on the crypto bandwagon.
Apart from the boom in traditional exchanges forraying into crypto space, even the institutional banks and investors are looking towards the crypto space with great interest. Despite facing regulatory roadblocks from various governments, the foray of traditional institutions only makes the case of crypto and decentralized economy stronger.