Amun secures preliminary approval for first listed crypto index ETP
Amun AG has received a preliminary approval from SIX Exchange Regulation, indicating that an exchange-traded product tracking an index of the crypto market or certain specific cryptocurrencies would be eligible for listing at SIX.
Witnessing the vast swathes of the world excluded from easily participating in the digital assets revolution, Amun AG was established by a team of FinTech entrepreneurs and bankers intending to make buying crypto as easy as buying a stock, allowing investors around the world access this burgeoning asset class in a safe and regulated manner.
After exploring across 23 different exchanges and territories around the world, Amun AG settled on Switzerland for its rich traditions of international neutrality, financial excellence, and regulatory stability.
“We believe Switzerland to be the best jurisdiction for our base and intend, after launching our initial products on the SIX Swiss Exchange, to both launch additional products as well as dual-list across additional geographies and stock exchanges,” says Hany Rashwan, Chief Executive Officer at Amun AG, “We plan on launching an index basket ETP first; it allows investors to simply ‘buy the market’ rather than trade specific crypto assets, though we plan on launching specific trackers for each asset in the future too.”
Working closely with Swiss partners, Amun AG carefully structures its product to ensure it is fully collateralised and asset backed. Under such structure, Amun AG is able to use eligible crypto as a legal underlying, including assets that haven't been accepted as legal underlyings anywhere else. The index basket ETP will be the first exchange-traded product of any kind to include Ripple, Bitcoin Cash, and Litecoin, for example.
Earlier this year, Amun AG launched its first index in partnership with MV Index Solutions (MVIS), a VanEck company. The Amun Crypto Basket Index (ticker: HODL5) tracks and re-balances the top five crypto assets in terms of market cap and liquidity. The index currently includes Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin, tracking over 75 per cent of the market.