Major Swiss Stock Exchange SIX Lists World's First Multi-Crypto ETP Amidst Market Collapse

Switzerland's principal stock exchange SIX Swiss Exchange will list the world's first multi-crypto-based exchange-traded product next week, the Financial Times reported Saturday, Nov. 16.

Backed by the Swiss startup Amun AG, the first global multi-crypto ETP will be listed under index HODL, and will track five major cryptocurrencies: Bitcoin, Ripple, Ethereum, Bitcoin Cash, and Litecoin.

According to the article, each cryptocurrency will acquire a certain market share within the upcoming ETP, with Bitcoin accounting for around half of the ETP's assets.

The Amun ETP index will be managed by the German index unit of investment management firm Van Eck, according to major Swiss news agency Finews.com.

The firm first announced their plans to introduce a crypto ETP in late September this year, according to Bloomberg.

According to Amun's official website, SIX Swiss Exchange is the fourth largest stock exchange in Europe with a market capitalization of $1.6 trillion.

On Wednesday, Nov. 14, head of securities and exchanges at SIX Thomas Zeeb claimed that blockchain-based digital exchanges will entirely replace conventional ones in "About ten years," citing a large interest in cost advantages of the technology by brokers, banks, and insurance firms.

Some experts have predicted that adoption of Bitcoin ETFs will be a "Way bigger deal" than a cash settlement Bitcoin futures contract, and hence will be a bigger basis for the growth of crypto markets.

In Sweden, XBT Providers already have a Bitcoin ETP called Coinshares, which has attracted around $1 billion since 2015 when it was listed on major Swedish exchange Nasdaq Stockholm.

Recently, the U.S. Securities and Exchange Commission stopped accepting public feedback on their Bitcoin ETFs policy review, following the previous denial of nine applications to list and trade various BTC ETFs from three companies, including ProShares, Direxion, and GraniteShares.