RATE Group | Amun Launches Token Tracking the Inverse of Bitcoin’s Price
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Amun Launches Token Tracking the Inverse of Bitcoin’s Price

06 May Amun Launches Token Tracking the Inverse of Bitcoin’s Price

Posted at 11:15h in Bitcoin News by

A new token lets traders make gains whenever bitcoin’s price falls.

Swiss fintech firm Amun launched its BTCSHORT (BTCS) daily inverse token Wednesday, which returns a gain based on bitcoin’s (BTC) inverse price movements in a given 24-hour period. The product complements a recent bitcoin inverse exchange traded product (ETP) released by Amun in January and now overseen by sister-firm 21Shares following a March rebranding.

“Typically, these purchases are short-term in nature, usually on a daily basis, as the holder aims to move in quickly to leverage a near-term decline in bitcoin to make a positive return,” the firm said in an announcement.

Designed as a stablecoin, BTCS is built on Ethereum’s ERC-20 token standard, meaning it’s as easy to purchase as any other token and will be available on secondary markets beginning with Liquid, HitBTC and Bitcoin.com, Hany Rashwan, CEO of Amun and 21Shares, told CoinDesk in an interview.

“Demand for these leverage and inverse tokens is…

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