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Swiss fintech startup Amun AG has joined crypto asset manager Bitwise to launch a multi-crypto-based exchange-traded product (ETP), as per a press release on June 26. The announcement says that Bitwise Index Services, a Bitwise index calculation subsidiary has licensed “The Bitwise 10 Select Large Cap Crypto Index” to Amun AG. The purpose of this move is to bring a diversified crypto ETP to the market, claims the press release.
The index will act as the benchmark index for an ETP product called “Amun Bitwise Select 10 Large Cap Crypto Index ETP.” The ETP will be listed under the ticker symbol KEYS.
The new ETP product will only be accessible by investors outside of the U.S. (a move which other crypto firms have taken recently). Furthermore, the ETP will be traded on SIX Swiss Exchange, Switzerland’s principal stock exchange. This is the fifth ETP the Swiss SIX Exchange has permitted.
Hany Rashwan, CEO of Amun, said:
“We are thrilled to partner with Bitwise to bring the most broadly diversified crypto ETP to investors in Switzerland. Bitwise is the global leader in crypto indexing, and we are excited to launch a product that builds on their expertise.”
Bitwise handles all things cryptocurrency indexes and conducts research in the area of cryptocurrency investing. Bitwise Asset Management, parent company of Bitwise, is also known for having created the first crypto index available exclusively to U.S. investors.
A Broad Array of Crypto Assets
While designed to track the performance of up to 10 of the largest crypto assets, The Bitwise 10 Select Large Cap Crypto Index will exclude privacy coins and Platform Dependent Tokens on third-party blockchains according to Matt Hougan, Global Head of Research for Bitwise Asset Management. He stated:
“We are thrilled to be working with Amun to help non-U.S. investors gain diversified exposure to the crypto markets. The Index is carefully designed to capture a broad array of crypto assets while accounting for many of the unique constraints presented by the current cryptocurrency ecosystem.”
Hougan also went on to say that the crypto market is still in its early stages and it is difficult to say which assets will become the most important. However, he said that 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.