Another crypto step forward: Switzerland approves the first cryptocurrency ETP

Another crypto step forward: Switzerland approves the first cryptocurrency ETP

Switzerland approved the world’s first exchanged traded product that would operate multiple cryptocurrencies like Bitcoin, Ethereum, Litecoin or the recently polemic Bitcoin Cash versions.

Amun Crypto basket index will provide services for independent and institutional analyst as well as investors that want to trade crypto assets but are restricted to other products. “Amun Crypto Basket Index (HODL5) aims to track the financial performance of the top and most liquid crypto assets, weighing them based on 2050 market cap and re-balancing monthly to ensure an accurate representation of the current crypto market,” says Amun’s website.

The index will track the performance of the top five crypto assets concerning liquidity, as well as it is providing diversification and weighted exposure to the crypto space. The index aims to manage volatility in the crypto market.

Bitcoin will weight 48.69% of the index, while Ethereum will have 17.60% of the allocation, Ripple will represent 25.72%, Bitcoin Cash will have 5.11%, and Litecoin 2.88%.

Co-founder and CEO of Amun Any Rashwan affirmed 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.”

Bitcoin Cash update pushes cryptos in a civil war, Kraken raises red flags

San Francisco based cryptocurrency exchange Kraken released a client’s note saying that “Bitcoin SV does NOT meet Kraken’s usual listing requirements. It should be seen as an extremely high-risk investment.”

The new Bitcoin SV (BCH SV) is one of two versions created in last week Bitcoin Cash hard fork upgrade. According to Kraken, BCH SV will be openly hostile toward other blockchains.

Kraken also said that reasons for the red flags are that no known wallets are supporting replay protection, no support in major block explorers and that miners are operating at a loss. Kraken affirmed that “chain’s survival may be mutually exclusive with other chains.”

Bitcoin Cash update created two new tokens, the Bitcoin Cash ABC and the Bitcoin Cash SV. The ABC version was ahead of the SV unit in term of proof of work according to Bitcoin.com CEO Roger Ver. However, he said that in his opinion, he really doesn’t know “the real after effects of the fork. It can be both good and bad for the entire community. It is just like the Y2K scare, you know. Everyone expected planes to fall out of the sky but in the end, nothing much happened.”

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