SIX Swiss Exchange greenlights Amun Crypto Exchange Traded Product in world first.

Zurich-based SIX Swiss Exchange has greenlighted the Amun Crypto ETP – an exchange-traded product that tracks multiple cryptos.

In what will come as a surprise to many, the Swiss have leapfrogged the US, with regulators giving the go-ahead to the Amun Crypto Exchange Traded Product (ETP), according the Financial Times.

With around half of its assets invested in Bitcoin (BTC), and the rest distributed among Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC), the Amun Crypto ETP represents a considerable positive signal for mainstream cryptocurrency adoption.

Though most eyes have been watching the United States, where the Securities and Exchange Commission has been declining to approve similar products, it perhaps shouldn’t come as a surprise that Switzerland has approved the world’s first crypto based ETP, given the nation’s pro-blockchain stance.

Amun CEO and co-founder, Hany Rashwan, said:

“Amun’s EUN will offer institutional investors limited to investing only in securities or will not want to establish custody for the exposure of digital assets to cryptocurrencies; it will also provide access to retail investors who currently do not have access to trade crypts due to local regulatory impediments.”

Amun was set-up by a team of bankers, who wanted to make investing in cryptocurrencies as simple as possible, in a properly regulated way, allowing people to “buy the market” rather than getting involved in the trading specific crypto assets – though the company does say that it has plans to launch specific trackers for individual assets in the future.

With some of the largest financial institutions in the world now taking digital assets seriously (read about Fidelity’s move into crypto here), and now the first crypto ETP, many are predicting a surge in the price of cryptos, but with a more stable outlook.