Based on a recent report, Switzerland’s number one equity market—SIX Swiss Exchange, has announced that it has given a go-ahead to the country’s first crypto exchange-traded product (ETP). The ETP will aid in tracking several crypto tokens. The product is now referred to as the “Amun Crypto ETP.
Amun Crypto ETP
Based on a recent report, the ETP product is going to be backed by a London based financial technology firm— Amun, hence the name Amun Crypto ETP.
Through the launch of the product, investors will gain maximum exposure to the top crypto assets on the market. For now, the number of assets will be limited to Five, which includes the following assets: Bitcoin(BTC), XRP, Ethereum (ETH), BitcoinCash (BCH), and Litecoin (LTC). A recent report has also made it known that two prominent market makers, Flow Traders and Jane Street has already provided the seed funding for the ETP.
The product is also projected to get launched next week in Zurich. The country has been identified as a lesser-known global centre for the financial world.
The product will be mostly focused on BTC, even though it is being marketed as an altcoin-friendly instrument.
The report made it clear that almost 50% of Amun’s ETP will be allocated in bitcoin, this will be followed by XRP with 25.4%. ETH, on the other hand, will make up 16.66%, while BCH and LTC make up 5.2% and 3% respectively.
Amun made it known that an annual fee of 2.5% will be charged to its clients for the management of the products.
CEO of Amun, Hany Rashwan, covered some of the main aims of the products. He made this known in a recent statement which reads:
“Amun’s EUN will offer institutional investors limited to investing only in securities or will not want to establish custody for the exposure of digital assets to cryptocurrencies; it will also provide access to retail investors who currently do not have access to trade crypts due to local regulatory impediments.”