SIX lists crypto-basket

SIX lists crypto-basket

The Swiss stock exchange has become the first regulated market to list a multi-crypto exchange traded product.

The Amun ETP is based on the Amun HODL5 index, which includes the four top crypto currencies defined by market capitalisation: Bitcoin (BTC), Ethereum Ether (ETH), Ripple (XRP) and Litecoin (LTC).

Amun AG was established by a team of fintech entrepreneurs and bankers in July 2018, incorporated and registered in Zug, Switzerland, as a public limited corporation.

The Amun ETP index will be managed by the German index unit of investment management firm VanEck.

Switzwerland is staking its claim as a centre of gravity for virtual currency trading and blockchain-based ecosystems, with the country creating its very own 'crypto valley' in Zug.

SIX is doping its bit, announcing in July plans to build a fully integrated, DLT-based end-to-end trading, settlement and custody service for digital assets. Last month, the exchange took a minority stake in pre-ICO start-up PassOn AG as part of its strategy to build a digital asset custody ecosystem.

Thomas Zeeb, head of securities at SIX yesterday told Reuters that the traditional exchange could be entirely replaced by a DLT-based alternative within the next ten years.

Separately, Seba Crypto AG, which in September raised CHF100 million to build a Finma licenced bank and securities dealer, today announces a partnership with Loomis International to build Deep Cold Storage for Crypto Assets as the latest stage of the development of the bank. This will involve Tempest Level A Nato-grade physical security; cryptographic keys will be kept in vault located deep in a Swiss mountain, guarded by multiple steel doors and biometric (eye-print) security.

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