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The world's first cryptocurrency-based exchange (ETP) product will be launched this week. The Swiss regulators approved the Amun Crypto ETP after its preliminary approval in September.
The ETP, a derivative product, will be traded on the SIX Swiss Exchange, which will mark the approval of the first of these cryptographic products.
According to a report by the Financial Times, the underlying assets of Amun Crypto ETP will mainly be Bitcoin, XRP and Ethereum.
Amun ETP Crypto Assets
- Bitcoin – 49.7%
- XRP – 25.4%
- Ethereum – 16.7%
- Bitcoin cash – 5.2%
- Litecoin – 3%
The ETP will have an annual management fee of 2.5%.
The product is a new ramp for investors who want exposure to the encrypted without having to keep resources directly. It also provides access to investors who are otherwise prohibited by cryptocurrency trading due to regulatory restrictions.
Through a basket of indices, investors can "buy the market" instead of buying the assets directly or buying a competitive product that supports only cryptocurrencies, such as CoinShares' Exchange Traded Notes (ETN) that support Bitcoin and Ethereum.
Hany Rashwan, CEO and co-founder of Amun Crypto ETP, says the product opens its doors to institutional investors who are "limited to investing only in securities" or who "will not want to establish custody for the exposure of digital assets to cryptocurrencies "".
He adds,
"It will also provide access to retail investors who currently do not have access to the encrypted business due to local regulatory impediments."
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Amun AG, a Swiss startup, has been waiting for several months for the approval of the SIX Swiss Exchange of its ETP.
In an email sent to Bloomberg in September, Rashwan wrote,
"This stems from our frustration at seeing vast areas of the world excluded from easy participation in the digital resource revolution." We want to make the purchase of encryption as easy as buying a warehouse. "
The ETP Swiss crypto cancels the approval of the first Bitcoin ETF regulated by the US Securities and Exchange Commission, a product also intended to open the crypto markets to institutional investors.
Disclaimer: the opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin or cryptocurrency. Your transfers and exchanges are at your risk. Any losses you could sustain are your responsibility. Please note that The Daily Hodl participates in affiliate marketing.
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