The world's first cryptocurrency ETP gets approved in Switzerland!

The largest Swiss exchange, the SIX Swiss Exchange, has approved the world's first cryptocurrency exchange-traded product (ETP) called Amun Crypto ETP. This was announced by the Financial Times.
For those who are unfamiliar with the term: an ETP is a security traded on the exchange that is derivatively priced, the value of which is based on the underlying product, in this case cryptocurrencies.

According to current reports, the ETP will invest about 50% of its assets in Bitcoin (BTC). The remaining half will be invested in Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). The approval of SIX is an important moment for the crypto world, since no other ETP exists yet. This is also a head start on the US, where the Securities and Exchange Commission remains unclear about its decision on the world's first Bitcoin ETF.

Hany Rashwan, the co-founder and CEO of Amun, said that the ETP will fully comply with the same rules and standards as other traditional ETPs. According to Rashwan, the ETP opens up doors for many investors who would otherwise not be able to invest in crypto; think of institutional investors who can only trade in shares, investors who do not want custody over crypto, or simply individuals who deal with crypto-unfriendly local legislation.

The fintech was set up by a team of ex-bankers with the aim of making the purchase of cryptocurrencies as fast and efficient as possible, in a regulated manner.
Rashwan said that the choice for the Swiss stock exchange is mainly due to local legislation and their plans for expansion in the future: in this way the company hopes to create several products in the near future and possibly achieve a dual-listing in other countries and on other exchanges.
For now Amun continues to only offer an index basket ETP where investors simply invest in the market (or at least the largest cryptocurrencies by market cap). However, the company has plans for crypto specific trackers in the future.

This news comes at a great time since the crypto market is currently going through trying times. However, it doesn’t seem to have a positive impact on the Bitcoin price or any cryptocurrency for that matter. The recent sell-off, that many believe is the consequence of the on-going BCH civil war, has not let up yet and even recently breeched the $5,000 level. Bitcoin mining giant Bitmain and its co-founder Jihan Wu have a major impact on the Chinese mining community. As the largest manufacturer of mining equipment, Bitmain and Jihan Wu have announced they are willing to switch its hash power from BTC to BCH to fight against Calvin Ayre. Mining pool Bitcoin.com has reportedly announced that it is also switching its hash power to BCH.

This week has ignited the pessimism in the market and it’s only Monday… let’s see how the rest of the week goes!