SWISS EXCHANGE WILL PLACE MULTI-CRYPTOCURRENCY ETP

Swiss exchange SIX will place the world’s first multi-cryptocurrency ETP next week, reported the financial Times.

Swiss exchange SIX, which announced plans to create a new trade in cryptocurrency assets SIX Digital Exchange in July, will place backed by the Swiss startup Amun AG, the world’s first multi-cryptocurrency ETP under the HODL index, and will track the 5 largest cryptocurrencies: Bitcoin, Ripple, Ethereum, Litecoin and Bitcoin Cash.

SIX exchange, according to the official website of Amun, is the fourth largest exchanges in Europe with a capitalization of 1.6 trillion dollars.

As reported in the financial Times article, each cryptocurrency will receive a certain market share within the launched ETP, while bitcoin will be responsible for about half of the assets of the investment product, XRP – 25.4%, Ethereum – 16.7%, Bitcoin Cash – 5.2%, and Litecoin — 3%.

The co-founder and CEO of Amun AG startup, Hany Rashwan, noted that the new investment product is designed in a way that meets the strict regulatory requirements that must be met for listing traditional ETP. According to him, the new product will provide a regulated tool for trading cryptocurrencies for both institutional and individual investors.

The ETP Amun index will be managed by the German index of the investment company Van Eck. Amun AG is located in the Swiss crypto-valley in Zug and is a division of the UK-based FINTECH company Amun Technologies. According to Bloomberg, the company announced plans to create a cryptocurrency ETP in September this year.