Monday, March 30, 2020

Pioneer Bitcoin-Crypto ETF With Ticker $HODL Gets Approved In Switzerland

BTCNN aim to be the key source for both digital currency experts and newbies. With the cryptocurrency industry growing so fast we want to educate our readers about all the latest developments as they happen.
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Switzerland has approved the first Bitcoin-Cryptocurrency ETF $HODL, which is offered by a U.K. based fintech company: Amun Crypto. $HODL is expected to begin trade on Six Swiss exchange by next week. Notably, Six is Switzerland’s leading stock exchange and is the fourth largest in Europe. The ETF’s earnings are being directed to five distinct cryptocurrencies.

As reported by the Financial Times, the ETF was described as that which “has been designed to track an index based on the movements of five leading cryptocurrencies.” Approximately half (48%) of the ETF’s assets will be invested into Bitcoin (BTC). The rest will be put towards bitcoin cash, XRP (30%), Ethereum, and Litecoin.

A New Market Penetrator

Matt Flood, who is a prolific writer, stated that the ETF has been structured in such a way that it is in accordance with the standards expected from a traditional exchange-traded fund. Also, a top executive officer in Amun Crypto by the name Hany Rashwan has revealed the objective of the ETF to be as follows;

“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.”

The report went ahead to recognize the competitive strength of the likes of CoinShares and Grayscale however it clarifies the competition pointing out differences in legal forms and that they are both linked to one cryptocurrency. Also, seeding for the ETF will be facilitated by Jane Street and Flow Traders while trading is done using the ticker $HODL.

cryptocurrency market prices drops

At this point in time when the BTC price is down, the ETF has been a subject of discussion in the Crypto space. There is every expectation that an exchange-traded fund product is speculated to enable institutional buying of Bitcoin (BTC).

Whether at the “Crypto Valley” or the present ETF, Switzerland has not been able to hide her bias for cryptocurrencies. Also, its Crypto AG’s recently-granted cryptocurrency asset management license.

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