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Switzerland's main stock exchange, SIX, is the world's first multicriple ETP list amid the market crash

Switzerland's main stock exchange, the SIX Swiss Exchange, will list the first public product (ETP) based on several crypts next week, Financial Times (FT) reported on Saturday, November 16.

Supported by the Swiss company Amun AG, the first multi-crypto global ETP will be included in the HODL index, and will track five major cryptocurrency: Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC )

According to the article, each cryptocurrency will gain a certain market share in the next ETP, with Bitcoin representing around half of ETP assets. The rest will be divided into fractions, with 25.4 percent in XRP cryptocurrency now second, and 16.7 percent in Ethereum, while Bitcoin Cash and Litecoin will get 5.2 and 3 percent from the market, respectively.

Hany Rashwan, co-founder and CEO of Amun, commented that the next ETF is arranged in such a way that it complies with the same strict policies required in traditional ETP. According to Rashwan, this will provide a well-regulated tool for cryptocurrency negotiation, both for institutional investors and individuals, which is limited in this field by an environment that is not favorable for crypto.

The Amun ETP index will be managed by the index unit of the German investment management company, Van Eck, according to the main Swiss news agency, While Amun AG is headquartered in the Swiss city of Zug, in the "crypto valley", it is said to be a branch of Amun Technologies, a fintech company based in the UK. The company announced for the first time its plan to introduce ETP crypto at the end of September this year, according to Bloomberg.

According to Amun's official website, the SIX Swiss Exchange is the fourth largest stock exchange in Europe, with a market capitalization of $ 1.6 billion. On Wednesday, November 14, the head of SIX securities and exchanges, Thomas Zeeb, stressed that digital exchanges based on the block chain would completely replace conventional ones in "around ten years", citing great interest in cost advantages. technology by brokers, banks and insurance companies.

ETP represents the type of value traded on derivatives and intraday traded on national stock exchanges, based on investment tools such as raw materials, currencies, prices of actions or interest rates, depending on investment websites and investment finance, based in New York City. Reportedly, ETP can actively manage funds, including exchange-traded funds (ETFs), and others.

Some experts estimate that the adoption of Bitcoin ETFs will be a "much bigger deal" than the Bitcoin cash settlement futures contract, and therefore will be the main basis for the growth of the crypto market.

In Sweden, XBT providers already have a Bitcoin ETP called Coinshares, which has attracted around $ 1 billion since 2015, when it was listed on the Swedish stock exchange, Nasdaq in Stockholm.

Recently, the US Securities and Exchange Commission (SEC) stopped receiving comments from the public about the revised Bitcoin ETF policy, after a previous refusal of nine requests to register and negotiate several BTC ETFs from three companies, including ProShares, Direxion and GraniteShares.

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