SIX, a giant Swiss stock exchange, has partnered with Amun and subsequently added another cryptocurrency basket. The pair has listed a crypto product based on Bitwise 10 Select Large Cap Crypto Index, a globally trusted benchmark.
An Exchange-Traded Product, or simply ETP, was created by Amun AG, a Swiss fintech firm. The product, thus, is rightly referred to as Amun Bitwise Select 10 large cap crypto ETP.
Speaking on the newly listed crypto basket, Amun’s co-founder and CEO, Hany Rashwan, termed it as “uniquely, the most diversified.” He said that, among all the crypto products they had listed worldwide, Amun Bitwise Select 10 ETP is the most differentiated.
Exchange Is Optimistic On Crypto Products
Already, thanks to the partnership, four other similar ETPs have been listed on the exchange. And out of them, three are pegged on BTC, ETH, and XRP, with the last one being a crypto basket index. Out of the four though, crypto basket index was the first cryptocurrency-based ETP product to be listed, even as it still follows the leading five cryptos.
The recently listed product, unlike the earlier crypto basket, however, monitors how the 10 largest digital assets are performing. It does this mainly using their respective market cap as an indicator.
The ETP basically comprises of eight digital assets, which as per the May 31 rebalancing, had listed them as follows: Bitcoin at 67.8%, Ethereum at 11.5%, Ripple at 8.33%, Bitcoin Cash at 3.52%, Litecoin at 3.47%, EOS at 3.36%, Stellar Lumen at 1.1% and Cardano at 0.9%.
SIX Is One Among The Few Mainstream Exchanges Supporting Crypto
It is important to mention that the Swiss stock exchange ranks among the few major stock exchanges that not only embrace crypto, but also invests heavily on them. In fact, according to Finance Magnates, SIX is well on course in developing a cryptocurrency that will be native to the stock exchange.
It’s also working on creating a Blockchain-powered trading system, and it is believed that it has already pumped in $20 million to help speed its development up. The report further stated that the exchange could be set to launch a Stablecoin pegged on the local currency, Swiss Franc.
Matt Hougan, Bitwise Asset Management’s global head of research spoke with excitement about the partnership. He said that they were delighted to have partnered with Amun in their quest to ensure that investors are introduced to vital cryptocurrency projects. He added that the Index takes into account the various rigors present in the crypto ecosystem and considers them when suggesting the various crypto assets worth choosing.