Swiss, SIX Stock Exchange Launches World’s First Multiple Cryptocurrency ETP

SIX group, the owners and operators of Switzerlands main stock exchange has announced that next week it will be launching the world’s first multiple cryptocurrency exchange traded product (ETP)

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The ETP, while listed with SIX was created by AMUN a Swiss based start up in the canton of Zug otherwise known as the ‘Crypto Valley’ and will be maintained by MVIS under the name “HODL5”.

Amun Index will be a listed ETP on the Swiss Stock Exchange and gives you access to diversified market-cap weighted and automatically re-balancing basket of the top five crypto assets.

Those top 5 being Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH(BAB)) and Ripple (XRP).
The breakdown of the ETP appears to be based percentage wise on current market standing with Bitcoin accounting for about half of the ETP’s assets. The rest are set to be divided with 25.4% allocated to XRP, 16.7% ETH, 5.2% BCH and 3% LTC respectively.

Amun Crypto Basket Index (HODL5) aims to track the financial performance of the top and most liquid crypto assets, weighing them based on 2050 market cap and re-balancing monthly to ensure an accurate representation of the current crypto market.

Amun’s co-founder and CEO Hany Rashwan commented that the upcoming ETF has been arranged in such a way to comply with the strict policies that are required for traditional ETPs and will provide a “well-regulated” tool for institutional and retail investors that are otherwise limited in the field to trade cryptocurrencies.

The Head of securities and exchanges at SIX, Thomas Zeeb, last week told Reuters that he expects Blockchain based services to overtake traditional based exchanges:

It appears then that the move by SIX is one of preparing for what Zeeb views as the inevitable and not wanting to be left behind or having to play catchup with already established companies such as Coinbase, Gemini and Binance threatening and encroaching on their market:

SIX Swiss Exchange is Switzerland’s principal stock exchange, trading a wide range of securities and providing significant liquidity in the European capital markets. With a market capitalization of $1.6 trillion, SIX Swiss Exchange is the 4th largest stock exchange in Europe.

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