SIX Swiss Exchange, Europe’s fourth-biggest exchange, will list the world’s first crypto exchange traded product (ETP) later this month.
Amun AG has obtained regulatory approval to list the fund, which tracks the largest cryptocurrencies by market cap and allocates assets accordingly.
In September, Amun launched the Amun Crypto Basket Index, a digital assets index designed to accurately track the top crypto assets.
The Amun Crypto Basket Index, created in partnership with MVIS Index Solutions, tracks the performance of the top five crypto assets in terms of market cap and liquidity.
Avi Ghosh, head of marketing, SIX, confirmed that regulatory approval for the vehicle’s structure was given in late summer and that what he described as the first fully collateralised crypto index ETP would likely be followed by others.
Jane Street, a quantitative trading firm, and Flow Traders, a technology-enabled liquidity provider, specialising in ETPs, are the authorized parties to trade, while Kingdom Trust, a state-chartered, public trust company, regulated by the South Dakota Division of Banking, will act as qualified custodian.
In August, Kingdom Trust secured insurance through Lloyd’s, placed by broker SDBIC, for digital assets held on its qualified custody platform.