Amun AG Company, Who Focuses on the Buying Cryptocurrencies Process, Raises $4 Million
Amun AG has been shaking up the crypto industry for a short time, but their moves have made a big difference. They are most notable right now for being the force behind the world’s first listed crypto index product. However, they are taking it a step further today. According to The Block, the startup has just finished a $4 million seed round by Graham Tuckwell, and they are planning to list a new XRP ETP.
The XRP ETP will be trading as AXRP, but they are far from the last goal on Amun AG’s agenda, considering that the firm will be launching another eight products this year. The release of Onyx, a token issuance platform that focuses on security tokens, will be launched before 2019 is over as well. “Tokenized ETF and smart securities” can be issued by clients on the Onyx platform, and there is already a third-party client setup to use Onyx for this purpose over the summer.
CEO and co-founder of Amun Hany Rashwan, spoke with Tech Crunch, revealing that Bitcoin was banned in Egypt, even though the Egyptian pound went through a substantial devaluation in 2016. By bringing in the product that Amun has planned, anyone can be a participant in the crypto industry, regardless of the local restrictions. He added that the world is filled with institutional investors that want something “secure, ease, and regulated,” which is what the Amun products do at a low price.
The Amun Crypto Basket ETP (HODL) is the most well-known product to come from Amun AG, which was listed to trade on the Six Swiss Exchange in November last year. Since it launched, there have been ETPs issued on behalf of Ethereum and Bitcoin, which have the tickers AETH and ABTC, respectively. According to a report from Tech Crunch, the products are not covered by the Collective Investment Schemes Act (CISA), but they are protected with insurance and custody.
Based on information gathered from the Six Swiss Exchange, the product is the most-traded ETP, based on volume. Still, the volumes that they are seeing are significantly smaller than in the United States with the bigger exchange-traded products. For example, the average daily trading volume for SPDR Gold Shares ETF is $989 million. However, with the technology that Amun is developing, there could be a way to license it out for other companies to developed ETFs, which Rashwan believes is necessary.
Founder Adam Draper of Boost VC, who is also the son of venture capitalist Tim Draper, added to that thought, stating that this world “needs a company like Amun” to create a most user-friendly environment for the purchase of crypto. By allowing Amun to become that solution, they can offer “the toolset” and become the “de facto platform” for any other company that wants to enter the public market with their crypto assets.