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Switzerland first cryptocurrency ETP to take off Next Week/ 25% XRP.

While all eyes are still glued to the Securities and Exchange Commission in the United States to give a verdict on the first Bitcoin ETF, the Swiss regulators have just raced ahead. According to the latest updates coming from Switzerland, the main stock exchange has given a green light to the world’s first exchange-traded product tracking multiple cryptocurrencies.

As the BTC prices hit the lowest point for the year, Swiss regulators took the opportunity to bring some cheer to the market as they announced the world’s first cryptocurrency-based exchange-traded product. The Amun Crypto ETP, which will start trading next week on the SIX exchange in Zurich, has been designed to track an index based on the movements of five leading cryptocurrencies.

The ETP has been set up in a way where just under half of the ETP’s assets will be invested in bitcoin with the remainder divided between XRP (25.4 per cent), Ethereum (16.7 per cent), bitcoin cash (5.2 per cent) and Litecoin (3 per cent). The ETP will carry an annual management fee of 2.5 per cent.
Hany Rashwan, co-founder and chief executive of Amun, a London financial technology company, said the cryptocurrency ETP had been constructed to meet the same strict standards required of conventional exchange-traded products widely used by investors.
He was quoted speaking to Financial Times where he said
“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,”
PrinceX

Source: Coingape. 

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