Home cryptocurency bitcoin Europe’s Fourth Biggest Exchange to List World’s First Crypto ETF by Next...

Europe’s Fourth Biggest Exchange to List World’s First Crypto ETF by Next Week

159
0
Photo credit: CryptoCrunchApp

​The world’s first crypto Exchange Traded Product (ETP) is to start trading next week on Europe’s fourth biggest exchange, SIX Swiss Exchange, with a market capitalization of $1.6 trillion.

This came when Amun AG, a crypto start up was authorized to list an index fund on a traditional stock exchange. The Ceo and Co-founder of Amun, Hany Rashwan further stated that “the Amun ETP will give institutional investors who are restricted to investing only in securities or do not want to add digital assets to their portfolios exposure to cryptocurrencies. It will further provide access for retail investors that currently do not have access to crypto exchanges due to local regulatory restrictions”.

See Also: Cryptocurrency for Beginners (1)

The Amun ETP automatically allocates crypto distributions based on their performance in market cap rankings.  They have listed Bitcoin and Ripple, both having about 50% and 30% share of the fund assets respectively. They further listed the ABC chain of Bitcoin Cash and Litecoin. This has made it the world’s first stock exchange listed fund to list Ripple, Litecoin and Bitcoin Cash.

Amun in return charges a 2.5% yearly management fee for this passive investment where an investor buys a basket of crypto assets that account for over 75% of crypto market capitalization by simply buying a stock on SIX Swiss Exchange. This will enable Europeans to effectively buy cryptos through their pension portfolios. This implies that pension funds may now allocate small amount for diversification purposes.

See Also: Swiss Startup To Raise $104 million for Cryptocurrency Bank

The listing of Amun crypto ETF on Swiss Stock Exchange is a welcomed development in the crypto industry because more money is now expected to flow to the market in the coming weeks. More so, it is a pointer to brighter future for cryptocurrencies and increasing mass adoption of the blockchain technology.

LEAVE A REPLY

Please enter your comment!
Please enter your name here