Amun issued its BTCSHORT ERC20 token on May 6. The new currency allows traders to profit from a drop in the rate of BTC.
This token will complement other Amun exchange-traded products (ETP), which are controlled by a 21Shares subsidiary.
Hani Rashwan, Amun's CEO, commented that BTCS is structurally created as a stablecoin based on the ERC20 model, which means that it is as accessible to acquire as any other token and is going to be available in the secondary markets starting with Liquid, HitBTC, and Bitcoin.com.
“The demand for such tokens is huge,” Rashwan said. “Users desire to be able to purchase such goods more simply and safely.”
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In a statement, Amun noted that the token was issued before the reduction in the remuneration of miners on May 11, so that traders can insure themselves facing possible market volatility.
According to Rashwan, the token was generated following 21Shares methods and norms.
The release and burning of BTCS are carried out on the platform with settlements in USDC.
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Rashwan said that in the following weeks, the platform is going to issue comparable tokens for other cryptocurrencies, including for ETH.