The cryptocurrency startup, Amun AG, will be listing an index fund in one of the largest exchanges in Europe. The information was released by the Financial Times a few days ago.
Switzerland Will Host the First Crypto ETP
Switzerland will be hosting the first crypto ETP in the near future. After receiving approval by the local authorities, Amun AG will list the first exchange-traded product in the market.
“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments,” said Hany Rashwan, the co-founder and executive of Amun.
The fund will be tracking the largest cryptocurrencies in the market according to their valuation and it will accordingly allocate assets. At the time of writing, they have more than half of their assets allocated in Bitcoin (BTC), and almost 30% on XPR. A few days ago, XRP overtook Ethereum (ETH) as the second largest virtual currency in the market.
The fund will also be including Bitcoin Cash (BCH) – currently experiencing a turbulent network upgrade – and Litecoin (LTC).
Hany Rashwan explained that they settle their operations in Switzerland in September. The company explored 23 different exchanges and territories around the world and took the decision to stay in Switzerland.
On the matter, Rashwan explained:
“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.”
In the near future, the U.S. Securities and Exchange Commission (SEC) could approve the first Bitcoin ETF in the United States. There were several proposals presented during the last months and years, but none of them was accepted. Most of them were rejected and delayed. VanEck is currently the Bitcoin ETF with the largest chances of being accepted by the regulatory agency.
Amun will be charging 2.5% of yearly management fee for the investment. By purchasing a stock on the SIX Swiss exchange, an investor gains access to the largest virtual currencies in the market.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.