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Crypto ETP Tracking Bitcoin, XRP, Ethereum and Litecoin start trading on SIX Swiss Exchange

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Regulators in Switzerland have approved a cryptocurrency ETP, the Amun Crypto Basket Index (HODL), which started trading today. The ETP crypt is offered by  Amun AG, a fintech company based in Switzerland. He started trading with the HODL ticker symbol on the SIX Swiss Exchange, which is one of the biggest European stock exchanges. The Amun Crypto Basket index has almost half of its assets invested in Bitcoin and the remaining half consists of XRP, Ethereum and Litecoin.

This marks the first security negotiation approved by the crypto-ETF in the world in an important exchange. In the past, there have been numerous attempts to bring cryptographic ETFs to the public, but all have been rejected by regulators.

This new ETP will allow investors and retail institutions to gain exposure to the cryptocurrency sector, including institutions that only invest in securities.

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What is an ETP?

ETP is the abbreviation of Exchange Traded Products. An ETP is a derivative investment traded on exchanges, valued on the basis of another investment instrument, such as a commodity or a currency. In the case of Amun Crypto Basket Index (HODL), the value will be based on cryptocurrencies.

Crypto Sector

Together with the new ETP crypto, the cryptocurrency sector has seen many activities lately with a series of new projects that help the ecosystem make cryptocurrency more useful. The parent company of the New York Stock Exchange, Intercontinental Exchange, announced the imminent launch of Bitcoin futures on their Bakkt platform. This will allow institutions to invest in digital assets in a regulated market infrastructure. According to Bakkt, their Bitcoin futures contract is scheduled to launch in January 2019. Bitcoin's first Bitcoin shopping app, Bitplaza, has also recently been launched in the app store. Bitplaza allows users to spend Bitcoin for physical assets, demonstrating currency as a real currency. Using the app, anyone can do all their shopping with Bitcoin.

Cryptocurrency is also witnessing adoption in many other ways. As of November 2018, the number of Bitcoin ATMs worldwide has grown to over 3,930 ATMs compared to the 1,820 ATMs of the previous year. Overall, the cryptocurrency industry is growing at a rapid pace despite the downward trend in cryptocurrency prices. Companies continue to build new technologies in efforts to make the cryptocurrency easier and safer, laying the groundwork for advancing encryption in the future.

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Disclaimer: The opinions of our guest writers are exclusively their own and do not reflect the views of The Daily Hodl. These opinions expressed are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and operations are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital assets, nor The Daily Hodl is an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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