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.
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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. 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 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.