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

Did you like the news you just read? Please leave a feedback to help us serve you better

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.

Shrikar Parashar

Shrikar is a Blockchain evangelist. He is a die-hard fan of security tokens. He follows the market closely but does not trade. He believes in Hodling.

Share
Published by
Shrikar Parashar

Recent Posts

Bullish Signals for Sui Blockchain: Top SUI meme projects of 2024

Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…

2 months ago

AI Companions: A New Era of Digital Relationships and Virtual Experiences

As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…

2 months ago

zkCross Network: Simplifying DeFi Complexity and Achieving Fundraising Success

Did you know that 85% of DeFi value is concentrated in six blockchains?  DeFi is…

2 months ago

Don’t Miss Out: Get $CLP Tokens in the Exclusive RWA IDO Now!

CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…

3 months ago

Step into the Future of Web3 at Blockchain Futuristic Conference 2024, August 13-14

Join us at BFC 2024 to explore the future of Web3. Use a special discount…

4 months ago

WebX Asia 2024: Web3 Innovation Ignites in Tokyo

Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…

4 months ago