Crypto News Flash #250: World's First Crypto ETF Received Green Signal In Switzerland
After all the wait, finally World's crypto ETF has been approved. This ETF wasn't approved in USA by SEC, rather it has been approved in Switzerland. Swiss Regulators have raced ahead of SEC in giving approval to World's first crypto ETF.
Although, the price of Bitcoin has been trading around the lowest point in year 2018 @ $5400.
The Amun Crypto ETP, which will start trading next week on the SIX exchange in Zurich, has been designed to track an index based on the movements of five leading cryptocurrencies.
The proportion of investment in this ETF fund will be as follows:
Bitcoin = 50%
XRP = 25.4%
Ethereum = 16.7%
Bitcoin Cash = 5.2%
Litecoin = 3%
As per this source, Hany Rashwan: the CEO and the co-founder of Amun, a London based Financial Technology Company, said in a press release that:
“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,”
Now, let's see how this news affects the market and will it be able to push Bitcoin out of current Bearish market.
Thanks for reading ..!!
