In the latest digital currency news that are close to regulation, the SIX Swiss Exchange, which is Switzerland’s principal stock exchange based in Zurich, recently approved the listing of a crypto exchange-traded product (ETP) with the ticker “HODL.”
What’s interesting is that just like the Coinbase Index and the Bitwise Hold 10, Amun ETP represents the value of five cryptocurrencies including Bitcoin (BTC), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH) as well as Ethereum (ETH).
The investors in the Amun ETP will hold a basket of cryptocurrencies which meet the requirements and criteria set by the investment firm. As the company explained:
“Unlike actual assets such as stocks or gold, an index doesn’t have its own price, but displays a value representing the prices of underlying group of assets according to its own specific calculation methodology. For example, S&P 500 is calculated by taking the sum of the adjusted market capitalization of all S&P 500 stocks and then dividing it with an index divisor, which is a proprietary figure developed by Standard & Poor’s.”
Right now, many experts are asking themselves if a move like this could increase the chance of mass Bitcoin ETF approval. And while the short answer is no because the Amun ETP is similar to an exchange-traded fund (ETF), it is still triggering some progress and allowing investors to buy and sell shares in the HODL ETP, directly investing in the cryptocurrency market.
“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,” was the statement that the co-founder and CEO of Amun, Hany Rashwan, gave a while ago.
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“I am personally surprised that regulators haven’t stepped in harder.”He was especially addressing the head of Britain’s Financial Conduct Authority Andrew Bailey who was sitting right next to him at the panel discussion. Bailey noted that Utermann’s opinions were ‘’quite strong’’ but he did agree that cryptocurrencies don’t have intrinsic value. Bailey made sure that the FCA is watching closely and that they have the initial coin offering sector under surveillance. Utermann’s stance doesn’t leave any room for negotiation but some of his colleagues at Allianz are more optimistic about the use of blockchain technology. The chief economist at Allianz Mohamed El-Erian said that he also doesn’t believe that cryptocurrency will ever be able to replace fiat money but they will become more widespread. He said:
“Cryptocurrencies will exist. They will become more and more widespread, but they will be part of an ecosystem. They will not be dominant, as some of the early adopters believed them to be.”El-Erian explained that crypto is not dead and the technology isn’t dead also. He is sure that we are about to see more widespread adoption by the private sector but also from the public one. El-Erian concluded that the last year’s frenzy was ‘’unwarranted’’.
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“A lot of our decisions have perhaps given off a perception that we’re more institutional-based. The reality of the situation is that we have a diverse customer base. And the retail story is just beginning.”The twins and Gemini founders also revealed their plans to expand to the Asian crypto market where they will face stiff competition from the thriving exchange industry that includes companies such as Bitfinex, Binance and Huobi.
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