Largest Swiss Exchange SIX to list an ETF like Product With Five Cryptocurrencies

While a lot of Crypto enthusiasts are keenly awaiting the SEC to allow a Bitcoin ETF, the Swiss exchange SIX has already been approved to list an ETF like instrument which indexes five Cryptocurrencies including Bitcoin, Bitcoin Cash(BCH), XRP, Litecoin (LTC) and Ethereum (ETH).

Swiss startup Amun has been approved to list on SIX next week its Exchange Traded Product.

Hany Rashwan, CEO of Amun told Financial Times:

“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.”

The Index of the fund has Bitcoin as 50% of the portfolio followed by XRP 25.7%, Ethereum (ETH) 17.6%, and Litecoin and Bitcoin Cash getting a minuscule portion of 3% and 5% respectively.

This makes SIX the first stock exchange in the world to list XRP, Litecoin, and Bitcoin Cash (BCH).

Image Source: Amum.com

The ETP is the third product to be listed on the stock market after Coinshares ETN and Grayscale’s products. This index ETP is arguably better than the former two because unlike Coinshare’s ETN it is not an unsecured debt not does it have any waiting periods to sell.

Another reason why This ETP is better is that it will be trading under the ticker symbol HODL. Two specialist market makers Jane Street and Flow Traders will act as authorized participants.

The approval of a Bitcoin ETF however still remains a mystery. After rejecting 9 Bitcoin ETF applications the SEC postponed VanEck’s proposal recently. The next deadline for the ETF application is December 29th. The SEC is busy going after unregistered securities and Decentralized exchanges at the moment.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.