Crypto asset manager Bitwise collaborates with Swiss fintech startup Amun AG in order to launch another multi-crypto-based exchange-traded product (ETP), as per a press release on June 26.
Bitwise’s index calculation subsidiary, Bitwise Index Services has licensed “The Bitwise 10 Select Large Cap Crypto Index” to Amun AG so as to bring a diversified crypto ETP. As per a report by crypto media outlet The Block, the aforementioned index will act as the benchmark index for the ETP product.
Dubbed as “Amun Bitwise Select 10 Large Cap Crypto Index ETP”, it will operate under the ticker symbol KEYS. Reportedly, the ETP will trade on SIX Swiss Exchange, Switzerland’s principal stock exchange. The press release further notes that it will only be accessible to investors residing outside the United States.
The Bitwise 10 Select Large Cap Crypto Index will purportedly track the performance of up to 10 of top global crypto assets by “free-float and inflation-adjusted market capitalization.” Bitwise elaborated in the press release that the index is rebalanced and reconstituted on a monthly basis.
As per May 31 rebalance, the index features eight cryptocurrencies including bitcoin (BTC), ether (ETH), XRP, bitcoin cash (BCH), litecoin (LTC), EOS, stellar (XLM), and cardano (ADA).
Matt Hougan, Global Head of Research at Bitwise explains that the new initiative is focussed at assisting non-U.S. investors in obtaining “diversified exposure to the crypto markets.” As per him, the index is designed for Swiss investors who “want to be sure they gain and maintain exposure to the most important crypto projects in the world.”
As of now, SIX exchange has listed four crypto ETPs by Amun AG – bitcoin ETP (ABTC), ethereum ETP (AETH), XRP ETP (AXRP), and a multi-crypto-based ETP Crypto Basket Index ETP (HODL). For more details check out SIX’s official website.
SIX is reportedly working on creating its own “stablecoin,” a cryptocurrency pegged to the Swiss franc in order to facilitate transactions on the SIX Digital Exchange (SDX).
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