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While the entire community of cryptocurrencies was waiting for the SEC to approve a Bitcoin ETF, Switzerland once again proved to be a step ahead of any other country in terms of encouraging institutional investors to participate in this space.
According to the Financial Times reports, the main Swiss stock exchange has opened its doors for the first ETP that monitors more cryptocurrencies. The SIX Swiss Exchange, based in Zurich, will begin trading Amun Crypto ETP from next week. The ETP is designed to draw an index of the five well-known cryptocurrencies. This includes Bitcoin [BTC], Ethereum [ETH], XRP, Bitcoin Cash [BCH] and Litecoin [LTC].
The division is set at 24.4% XRP, 16.7% Ethereum, 5.2% Bitcoin Cash, 3% Litecoin and the rest will be Bitcoin. The annual management fee for ETP is 2.4%. Furthermore, it is not clear on which BCH fork will opt for the fact that the fork was held at the start of this week. The fork led the network to split into two, commonly known as BCHSV, which is an update from Craig Wright and Coingeek of nChain and BCHABC, which is an update from Bitcoin ABC and Bitmain.
Co-founder and CEO of Amun, Hany Rashwan said that the product traded on the stock exchange is formed in such a way that it meets the standards set for a traditional ETP that has been widely chosen by investors. He also added:
"Amun's EUN will offer institutional investors limited to investing only in securities or will not want 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 trade crypts due to local regulatory impediments ".
Dag1975, another Redditor said:
"This could encourage the SEC to allow an American ETF, the rest of the world does not wait for US regulators."
Cryptolicious501, another Redditor said:
"Well, if 50% to 60% of the investors raised a couple and said the SEC would start the bull's run … it's that simple." The fact that the SEC has almost all the investors huddled in the US. angle, "Pp-please, master … SEC when?" Reveals volumes of investor psychology or lack of.: / "
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