Say Hello to the first Bitcoin ETF with the ticker – HODL!!

cryptocurrency based Exchange

Switzerland is the first to say yes to a cryptocurrency based Exchange Traded Product (ETP). SIX Swiss Exchange is a Zurich based main stock exchange of Switzerland. It will launch an exchange listed crypto fund on Thursday. SIX will be the first stock exchange in the world to offer a “fully integrated end to end trading, settlement and custody service for digital assets.” Each cryptocurrency will receive a certain market share with Bitcoin accounting for around half of the ETP’s assets and the remaining will be divided into fractions.

This will come to a comfort to investors who recently faced a rough month. Hany Rashwan cofounder and CEO of Amun, a company that specializes in assisting investing in crypto-assets easy as buying a stock commented “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.”

Gabor Gurbacs director of the digital asset strategy at New York-based investment management firm VanEck congratulated Amun and Switzerland and tweeted “We are proud of you and thank you for choosing MVISIndices to provide a regulated and financial-standard index backing #HDOL

The ETP will be tracking 5 digital assets:

Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
Bitcoin Cash (BCH)
Litcoin (LTC)

Rashwan said that they plan on releasing more products in different areas and can’t wait to work with local regulators wherever they are welcome. They love Switzerland as their base and  “We want to make investing in crypto as easy as buying a stock across multiple products and geographies, working with local regulators.’’

This is seen as an investment vehicle that will widen the market by attracting the public more to cryptocurrency. Jos Dijjselhof CEO of SIX said “This is the beginning of a new era for capital markets infrastructures.”