Bitcoin News: While most of the cryptocurrency ecosystem was in knots as every eye was upon the U.S. SEC, and whether they will approve Bitcoin ETF soon enough, Switzerland unhesitantly forayed into this space. Beginning next week, the Bitcoin ETF $HODL, offered by Amun Crypto, will be trading on Switzerland’s Six Swiss Exchange.
According to reports by the financial Financial Times, Six Swiss Exchange, based in Zurich will for the first time trade an ETP tracking multiple cryptocurrencies, Amun Crypto ETP from next week. The ETP will track an index of five well-known cryptocurrencies, including Bitcoin [BTC], Ethereum [ETH], XRP, Bitcoin Cash [BCH] and Litecoin [LTC].
Around half of the ETF’s will be invested in Bitcoin, 24.4 % XRP, 16.7% Ethereum, 5.2% Bitcoin Cash, 3% Litecoin. The annual management fee for the ETP is quoted to be 2.4%. Notably, it is unclear which BCH fork will be involved as the recent fork has resulted in the network splitting into two, commonly known as BCHSV, which is an upgrade from nChain’s Craig Wright and Coingeek, and BCHABC, which is an upgrade from Bitcoin ABC and Bitmain.
Hany Rashwan, Co-founder and CEO of Amun, that the exchange-traded product is designed as per a traditional ETP, which is quite popular among investors. He elaborated:
“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.”
The news of this new product has already managed to create a hype in the Crypto-Ecosystem, enthusiasts are expecting that this might be that one straw, that bitcoin and the market has been waiting for, subsequently, the bull is just around the corner.
ETF Switzerland is approved, and will start trading next week, uhmm bull run is coming soon baby, buy now or you will Pay bitcoin with money more.. :*#indodax #bitcoin #cryptocurrency #CryptoExchange #crypto #cryptonews #investor pic.twitter.com/OY8TfMgVOj
— Ethercare Official (@ethercare) November 18, 2018
A Redditor, Dag1975, said:
“This might encourage the SEC to allow an American ETF. The rest of the world doesn’t wait for US regulators.”