Swiss SIX Exchange Lists Tezos Based ETP With ‘Baking’

Switzerland and its main stock exchange SIX have officially listed a Tezos-based exchange traded product (ETP) which enables investors to generate passive income. The Swiss SIX exchange will trade Tezos under the symbol AXTZ and the product will be issued by the fintech Amun AG in partnership with the Tezos Foundation. As official news show, it went live for trading on November 5.
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An overview of the instrument is in the Tezos news now, showing that the ETP’s investment objective is both to provide exposure to the performance of Tezos while generating additional yield for all the investors through the so-called “baking rewards.”

We have already reported about baking in detail. Similar to other proof-of-stake (PoS) based blockchains, Tezos investors will be able to passively earn a form of “interest” by staking their tokens to maintain the network and earn rewards. This is what “baking” symbolizes – as a term specific to Tezos and its listing on the Swiss SIX exchange.

With the “baking” process, the stakeholders will get the right to participate in the staking and governance process by delegating their coins to a delegation service of their choice. Once they are delegated, the holdings are set in correlation with the total staking balance of the service. The rewards will be paid out accordingly once they have been released by the network.

Reports by Amun show that the firm will charge a 2.5% fee on proceeds from the Amun Tezos ETP. The underlying assets are reportedly secured and managed using the institution-grade Custody Platform by Coinbase. Amun noted that it holds 100% of the value of these assets in cold storage.

Meanwhile, this October we saw the Bitcoin Suisse partnering with Amun to launch a new Bitcoin (BTC) and Ether (ETH) based ETP on the Swiss SIX exchange. Amun AG now has a total of nine cryptocurrency ETP products which are listed on SIX, including an XRP-based ETP among others.

According to a recent report in the latest Binance news, the exchange argued that with Ethereum’s expected switch to PoS, staking is poised to have a transformative impact on the entire industry. Meanwhile, stats from the market show that Tezos (XTZ) is trading with a 3.63% decline and now has a price of $1.11.