Bitcoin Crypto Basket ETP Has $400,000 in First Week’s Trading at SIX Swiss Exchange
Amun had recently launched Bitcoin ETP or the Bitcoin Exchange Traded Product on SIX Swiss Exchange, which is based in Zurich, Switzerland. For your information, SIX Swiss Exchange is one of the leading Swiss Stock Exchange for Trading of not only shares but also bonds, investment funds and exchange traded funds apart from similar other stuff.
$400,000 Collected from Trading Bitcoin ETP
Of course, in a week’s time from the minute Bitcoin ETP began its trade on SIX Swiss Exchange, it has amassed about $400,000 in trading. All this could happen post launch of it by Amun. It comes as a surprise because the collection as per reports has crossed even the turnover that usually comes from gold, oil or silver!
But one cannot be assured of the fact that this turnover would remain the same or no in the longer run. This Exchange Traded Product available at Swiss Exchange has Bitcoin, Ethereum, Ripple and Litecoin. Bitcoin Cash could not make it there due to Bitcoin’s hard fork that affected almost whole of cryptocurrency world out there making investors go berserk to a certain extent regarding what would be the next step.
Other Aspects to be Known about ETP or Exchange Traded Product
It was Amun AG’s idea to bring Exchange Traded Product aka ETP in to focus however, this is not the only aspect that has seen the daylight as there are other things as well which will be going to be a part of the whole set up soon.
One of them being ‘blockchain technology’; as Amun plans to have blockchain technique fit in with the backend processes. In addition to this, Swiss Exchange Traded Product is different from that of ETF seen in cryptocurrency. (Remember ETF in cryptocurrency is nothing but Exchange Traded Funds).
What is Swiss ETP?
ETP, like earlier stated is short form for Exchange Traded Product, it does not depend on futures.
In Hany Rashwan, CEO and Co-Founder of Amun AG words: “Whenever any investor is going to purchase it then corresponding amount of actual crypto assets is purchased besides being stored with qualified custodian.”
World’s First Multi Crypto Based ETP at Swiss Exchange!
Yes, it is going to be first of its kind in the world to have ETP/ Exchange Traded Product on SIX Swiss Exchange, again principal Stock Exchange in Switzerland! Interestingly this ETP is nothing short of a multi-crypto ETP at the global level and shall be listed under the Index HODL.
As reported earlier, there were five of the major cryptocurrencies listed here, namely: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) [already removed post hard fork], Litecoin (LTC) and Ripple (XRP).
And within a short span of time, ‘Bitcoin Crypto Basket ETP’ has already seen a surge of $400,000 in trading! When such a figure is indicated in the first week itself then it is to see what would happen in near future especially when Bitcoin ETP is in question.
A wait and watch policy, may be?!?