Switzerland’s SIX Swiss Exchange has given the go ahead to list the world’s first exchange traded product tracking a basket of cryptocurrencies.
The Amun Crypto Basket ETP (HODL) tracks an index comprised of five leading cryptocurrencies, including about a 50% exposure to bitcoin, along with 25% ripple, 17% ethereum, 5% bitcoin cash and 3% litecoin, the Financial Times reports.
Hany Rashwan, co-founder and chief executive of Amun, said the cryptocurrency ETP is structured to meet the standards required of any other conventional ETP traded on the market.
“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments,” Rashwan said.