The Amun Crypto ETP will be the first derivative backed on cryptocurrency in the world and it will be trading at SIX Swiss Exchange. The product will have half of his value backed on bitcoin and half distributed between Ripple, Ethereum, Bitcoin Cash and Litecoin. Based on Zurique, the SIX is the main stock market of the country. The decision of trade the asset was noticed by the Financial Times.
According Hany Rashwan, CEO of Amun Crypto, the Exchange Traded Product (ETP) will become possible to institutional investors apply resources on cryptocurrencies. It because many do not invest in cryptocurrency for regulatory reasons or for don’t wish to have the custody of the asset. The Amun Crypto has created by bankers that want to enter in the crypto financial market. For it, designed a proposal to offer derivatives backed on cryptocurrencies according the current regulation, but simplifying the investment process.
Offering this product, Swiss is a step ahead to United States that still waiting the SEC decision. Thus, this is the first country to allow a asset backed on cryptocurrency to be trade in his main stock market. The product in analysis with SEC is very similar to this new asset that will be offered by SIX.
A new phase for the cryptocurrencies
Day after day the cryptocurrencies are more part of the traditional market. Many funds and traditional institutions have invested on crypto market, doing a gradual change in the customers of cryptocurrency. This link has becoming more clear with the probable relation with the fall in the values of those cryptoassets and the withdrawals of investments in the hedge funds. This year was marked by the increasing in stability of the crypto market. Therefore, the year of 2019 seems that will be marked for the institutionalization of those assets.