SIX Lists Tezos-Backed ETP, to Offer Staking Rewards

Switzerland’s stock exchange SIX added a Tezos-backed exchange-traded product (ETP) to its list of similar investment instruments.

Similar to other such crypto products on the exchange, this was also developed by Amun AG in partnership with the Tezos Foundation.

Given the proof-of-stake (PoS) structure of the digital currency, the ETP product will enable investors to generate passive income.

The Tezos-backed ETP is listed under the ticker symbol of XTYZ at the stock exchange.

Commenting on the new product, Hany Rashwan, chief executive of Amun, told ETF Stream: “Some staking services initially began as being secluded to a specific Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term. As newer networks have popped up, many of these services have diversified and now offer staking services for numerous blockchains.”

Bringing crypto to the mainstream investors

It is the company’s ninth such ETP product listed on the Swiss exchange. Last month, it listed two such crypto-backed products on SIX - one backed by Binance Coin and another a crypto basket backed by Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and Ether.

ETP is a publicly listed investment product that can be traded like any other stock. However, the companies managing them are legally obliged to back the products on a one-to-one basis by reserves of the underlying assets

Amun has partnered with Coinbase Custody to store all the digital assets backing its crypto products. Per the company, it is currently managing around $70 million worth digital asset-backed investment products.

“For the first time, institutions, as well as retail investors, can invest in the public blockchain, the Tezos network with a PoS concept and consensus mechanism via our ETP and participate in the associated rewards for contributing to the security and stability of the Tezos blockchain – without the need to ever have to set up a crypto wallet or taking care of a private key,” Rashwan added.