First ETP Of Five Cryptocurrencies To Be Launched In Switzerland
SIX, the major stock exchange in Switzerland, soon launches the first-ever multi-cryptocurrency exchange traded product (ETP), as reported by Financial Times.
With it, investors, who for some reason cannot buy digital assets at crypto exchanges, can become their owners at the traditional stock exchange.
The new crypto ETP is going to be traded under the ticker HODL. When an investor purchases it, the exchange buys the correspondent amount of tokens and places them in a safe storage. SIX sets an annual commission of 2.5% for managing such a fund. HODL will be traded on the SIX stock exchange already in November 2018.
The new financial product was created with the support of the Swiss startup Amun AG. According to Hany Rashwan, who is heading the company, the multicurrency ETP will comply the standard strict requirements as traditional ETFs. The HODL exchange product will become a regulated financial tool for working with digital assets and will suit both retail and institutional traders who are limited from the crypto industry by tight regulatory policies, added Raschwan.
Earlier, CoinShares and Greyscale already launched similar financial products, but they are tied to just a single cryptocurrency.
As previously reported, a Swiss startup issued a token that complies to Shariah.