- Amun AG launches new exchange-traded product in the Swiss SIX exchange
- This aims at providing users with the possibility to invest in the crypto market
The fintech firm based in Switzerland, Amun AG, released its new plans to launch an exchange-traded product (ETP) using Bitwise 10 Select Large Cap Crypto Index as a benchmark. The Swiss SIX Exchange has already allowed several other ETPs to operate in the country.
Amun AG Works On New ETP
Bitwise Index Services has just licensed its index for the first physically replicated crypto index product, according to CoinDesk. The new Amun Bitwise Select 10 Large-Cap Crypto ETP is currently available to investors outside the United States with a KEYS as ticker symbol.
Hany Rashwan, the CEO of Amun, commented about it:
“We are thrilled to partner with Bitwise to bring the most broadly diversified crypto ETP to investors in Switzerland. Bitwise is the global leader in crypto indexing, and we are excited to launch a product that builds on their expertise.”
Bitwise Asset Management is the company that created the first crypto index made available to investors in the United States. This index was created to track the performance of up to 10 of the most valuable digital currencies in the market. However, this ETP excludes privacy coins and Platform Dependent Tokens on third-party blockchains.
It is worth mentioning that the Index is rebalanced and reconstituted on a monthly basis. As of May 31st, the index included 67.8 percent Bitcoin (BTC), 11.5 percent Ethereum (ETH), 8.33 percent XRP, Bitcoin Cash (BCH), Litecoin (LTC) and EOS 3 percent each, and Stellar (XLM) and Cardano (ADA) 1 percent respectively.
The new index must be approved by SIX and must be supported also by market makers. There should also be custody available for interested investors.
It is worth mentioning that Amun has released a number of different crypto ETPs in the past through the SIX exchange, the sixth largest in Europe. These ETPs include one with the top five digital assets that is called HODL, and others that hold Bitcoin (ABTC), Ethereum (AETH) and XRP (AXRP).
Matthew Hougan, Global Head of Research at Bitwise, commented that cryptocurrencies are moving forward on their journey to becoming mainstream, and regulated financial assets.
Bitcoin has also been growing since the beginning of the year and the virtual currency is now being traded close to $13,000 the highest point in over a year. According to CoinMarketCap, Bitcoin has a market capitalization of $228 billion.