This article will take you 1 minute(s) to read
Last year Switzerland’s principal stock exchange SIX Swiss Exchange, listed the world’s first multi-crypto-based exchange-traded product (ETP) backed by Swiss startup Amun AG.
In fact, Amun has created HODL, which it calls “the world’s first physically backed exchange-traded product (ETP)” based on five cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, Ripple, and Litecoin.
Recently, the Swiss crypto startup has secured $4 million in a seed funding round led by several investors including Adam Draper, Founder of Boost VC, Graham Tuckwell, Founder of ETFS Capital, Greg Kidd, Co-Founder of Hard Yaka as well as four family offices.
Hany Rashwan, Co-Founder and CEO at Amun, explains how the funds will be utilized: “We plan on using the funds to keep investing in our technical infrastructure, to launch additional crypto-tracking exchange-traded products on more strategies across multiple geographies, and to help others bring crypto assets to the public markets .”
For the starters, Amun AG was founded by Ophelia Snyder, Chief Product Officer and Hany Rashwan, Chief Executive Officer, with the goal to make investing in crypto as easy as buying a share. Amun uses an institutional grade security and custody solution using a variety of safety measures including cold-storage, multiple private keys, whitelisting and audit trails to hold the underlying crypto assets
The company quickly followed up with a ABTC, Bitcoin ETP, on 27 February and is expected to launch more products in the coming months. “We are bullish on crypto in the long-term and look forward to working with such tech and finance luminaries to simplify investor access to the crypto asset class,” says Hany Rashwan, CEO and Co-Founder of Amun.
Stay tuned to Silicon Canals for more updates in the tech startup world.