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Finance
An exchange-traded product that tracks an index of five major cryptocurrencies will start trading on the sixth Swiss stock exchange next week. The product will be available to both retail investors and institutional investors.
Read also: Yahoo! Japan confirms entry into cryptographic space
Trading on six Swiss Exchange
The Financial Times reported on Friday that the Swiss exchange of six gave the green light to a product traded on the stock exchange with cryptocurrency (ETP). The news outlet elaborated:
The Amun Crypto ETP, which will start trading next week on the Zurich Stock Exchange, is designed to track an index based on the movements of five major cryptocurrencies.
<img class = "wp-image-247261 size-medium alignright” title=”Next week, the product traded with a cryptocurrency exchange on the Swiss market” src=”https://news.bitcoin.com/wp-content/uploads/2018/11/six-exchange-300×192.jpg” alt=”Product negotiated with exchange of cryptocurrency on the stock exchange next week "width =" 300 "height =" 192 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/11/six-exchange -300×192 .jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/11/six-exchange-768×491.jpg 768w, https://news.bitcoin.com/wp-content/uploads / 2018 /11/six-exchange-1024×655.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2018/11/six-exchange-696×445.jpg 696w, https: //news.bitcoin .com / wp-content / uploads / 2018/11 / six-exchange-1068×683.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2018/11/six-exchange-657×420.jpg 657w, https : //news.bitcoin.com/wp-content/uploads/2018/11/six-exchange.jpg 1300w "sizes =" (maximum width: 300px) 100vw, 300px”/>Six Swiss Exchange is the leading Swiss stock exchange in Switzerland, which trades a wide range of securities. According to the exchange, the ETPs "are guaranteed, bearer debt securities that do not earn interest", so "they are not subject to the Collective Investment Law (CISA) and, as such, are not controlled by Finma". The exchange has a different category for exchange-traded funds (ETFs).
Hany Rashwan, co-founder and CEO of Amun, explained that ETP encryption "was built to meet the same stringent standards required by traditional exchange-traded products widely used by investors," the publication said. He was quoted as saying:
Amun's EUN will offer institutional investors who are limited to investing only in securities or who do not wish to establish custody for the exposure of digital assets to cryptocurrencies. It will also provide access to retail investors who currently do not have access to cryptographic exchanges due to local regulatory impediments.
Cryptocurrencies drawn
<img class = "size-medium wp-image-247266 alignright” title=”Next week, the product traded with a cryptocurrency exchange on the Swiss market” src=”https://news.bitcoin.com/wp-content/uploads/2018/11/amun-300×95.png” alt=”Product negotiated with cryptocurrency exchange for the Swiss stock exchange Next Week "width =" 300 "height =" 95 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/11/amun-300×95. png 300w, https://news.bitcoin.com/wp-content/uploads/2018/11/amun-768×244.png 768w, https://news.bitcoin.com/wp-content/uploads/2018/11 / amun-1024×326.png 1024w, https://news.bitcoin.com/wp-content/uploads/2018/11/amun-696×221.png 696w, https://news.bitcoin.com/wp-content/uploads / 2018/11 / amun-1068×340.png 1068w, https://news.bitcoin.com/wp-content/uploads/2018/11/amun.png 1267w "sizes =" (maximum width: 300px) 100vw, 300px”/>
The underlying investment of Amun ETP is the Amun Crypto Basket index (ticker: Hodl5), the details of its website. Mv Index Solutions (Mvis) and the fintech company in London, Amun Technologies Ltd., launched the index in September. Subsequently, ETP was launched by Amun AG, a subsidiary of Amun Technologies Ltd. based in Zug, Switzerland. Mvis is a subsidiary of Vaneck, which currently has a request from the US Securities and Exchange Commission to list and negotiate a bitcoin ETF.
The Amun Crypto Basket Index "tracks the performance of the five major cryptographic assets in terms of market capitalization and liquidity, providing a diversified exposure to the cryptographic space while using its proprietary methodology to effectively manage the volatility associated with less / less liquid cryptographic resources ", his website describes.
The company explained that the basket excludes cryptocurrencies that are linked to a fiat currency such as the tether, are designed to be anonymous as monero and zcash, lack sufficient liquidity, trade non-reputable trades or have been traded for less than 6 months. According to the Financial Times, the ETP will have an annual management fee of 2.5%.
Currently, the cart includes 48.69% of BTC, 25.72% of XRP, 17.60% of ETH, 5.11% of BCH and 2.88% of LTC. It is rebalanced "monthly to ensure an accurate representation of the current cryptographic market", the company explained.
What do you think of this exchange of products with cryptocurrency traded on Six Swiss Exchange? Let us know in the comments section below.
Images courtesy of Shutterstock, Six Swiss Exchange and Amun Technologies Ltd.
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