World’s First Crypto ETP Gets Green Light in Switzerland

World’s First Crypto ETP Gets Green Light in Switzerland

The SIX Swiss Exchange has given the go-ahead to an exchange-traded product tracking multiple cryptocurrencies, according to a Financial Times report.

The Swiss regulators have raced ahead of the U.S., by agreeing to greenlight the Amun Crypto Exchange Traded Product (ETP).

Based on the reports, the Amun Crypto ETP,, will have half of its assets invested in Bitcoin (BTC), while the other half will be shared between Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).

ETPs are derivative investments that are traded on securities exchanges, valued on the basis of a commodity or in the case of the Amun Crypto ETP, the benchmark would be cryptos. The approval from the SIX Swiss Exchange is a landmark event as no exchange-traded product exist anywhere, not even in the U.S., where the Securities and Exchange Commission has kept everyone guessing on when it would approve the first Bitcoin Exchange Traded Fund (ETF).

Amu CEO and co-founder Hany Rashwan stated in the report that the exchange-traded product would meet the same standards required by other “traditional exchange-traded products widely used by investors.”

He went on further to state:

Amun received preliminary approval from the SIX Exchange Regulation in September, which clearly stated that the company’s ETP would be eligible for listing on the exchange. The fintech company was established by a team of bankers whose goal is to make the process of buying cryptocurrencies as simple as possible, in a regulated manner.

Speaking on why the company chose Switzerland as its base, Rashwan had stated:

“We believe Switzerland to be the best jurisdiction for our base and intend, after launching our initial products on the SIX Swiss Exchange, to both launch additional products as well as dual-list across additional geographies and stock exchanges.” Going further, Rashwan revealed the company plans to launch “an index basket ETP first,” which would make it simple for investors “to ‘buy the market’ rather than trade specific crypto assets, though we plan on launching specific trackers for each asset in the future too.”

Featured image from Shutterstock.

18.11.2018 / 02:00 38
Switzerland Approves First Bitcoin-Cryptocurrency ETF with Ticker $HODL Switzerland Approves First
The Bitcoin ETF $HODL, offered by Amun Crypto, will begin trading on Switzerland’s Six Swiss Exchange beginning next week. The ETF’s earnings will be
Cryptocurrency Exchange-Traded Product Live on Swiss Stock Exchange Next Week Cryptocurrency Exchange-Traded Product
An exchange-traded product tracking an index of five leading cryptocurrencies reportedly will start trading on Switzerland’s Six stock exchange next
Switzerland’s SIX Exchange, Amun To Launch Bitcoin, XRP, Ethereum ETP Switzerland’s SIX Exchange, Amun To
The Amun Crypto ETP Bitcoin, XRP, Ethereum, Bitcoin Cash, Litecoin Included The so-called “SIX Swiss Exchange,” Switzerland’s foremost equity market,
Crypto Funds Gets Greenlight from Swiss Financial Markets Regulator Crypto Funds Gets Greenlight from Swiss
In a move that clearly shows the government’s resolve to encourage investments in cryptocurrencies, Switzerland’s financial markets regulator has
Winklevoss Twins Secure Patent for Cryptocurrency ETP Exchange Winklevoss Twins Secure Patent for
According to a patent filing made public by the United States Patent and Trademark Office on May 8, 2017, Cameron and Tyler Winklevoss have won a
Cboe Prods SEC on Bitcoin ETF Approval in New Letter Cboe Prods SEC on Bitcoin ETF Approval
A senior executive for Cboe Global Markets believes that the market could support the launch of a bitcoin exchange-traded product (ETP), according to
Comments (0)
Add a comment
Comment on