World’s first crypto ETF approved in Switzerland
Exciting news! The world's first crypto Exchange Traded Product (ETP) will start trading next week on SIX Swiss Exchange, which is Europe's 4th biggest exchange, with a market capitalization of $1.6 trillion.
According to Trustnodes, Hany Rashwan, co-founder and chief executive of Amun AG, the crypto startup, which was given the green-light to list an index fund on a traditional stock exchange, said:
'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.'
'After exploring this across 23 different exchanges and territories around the world, we settled on Switzerland', Hany Rashwan said.
'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.'
An ETP is the umbrella term under which ETF's belong, which is a specific product-type within this wider range. The general tendency both in the marketplace and the media is to use ETF and ETP as perfectly interchangeable terms.