Homburger advised Amun AG in the listing of a new series of BNB-linked Exchange Traded Products on the SIX Swiss Exchange
On 15 October 2019, Amun AG (Amun), a Zug-based special purpose issuance vehicle of the fintech group Amun, successfully issued and listed a new series of USD-denominated Exchange Traded Products (ETPs) on the SIX Swiss Exchange. These products (Ticker: ABNB) are linked to the performance of BNB, the native token of the Binance Exchange, the largest crypto currency exchange in terms of trading volume globally, and one of the three largest utility tokens with multiple use cases. The products are fully collateralized by the underlying (BNB), which are stored with an independent custodian (Kingdom Trust). This series is the first ETP with an underlying crypto-asset that uses a Proof of Stake-based consensus mechanism wherein blocks are created by a group of pre-selected validators.
Homburger advised Amun with respect to all aspects of Swiss law. The Homburger team was led by partner Benjamin Leisinger (Capital Markets) and comprised associate Urs Meier and paralegal Ganna Schneuwly (both Financing and Investment Products).