, a startup focused on crypto investments, has pulled in $4 million to develop secure and easy channels of crypto asset trading and management for crypto investors.
With this move, the startup is looking to provide an alternative that resembles the stock market, as by TechCrunch on March 11, 2019.
Easy as Stocks
The Swiss fintech startup is looking to introduce a new model for digital assets aimed at making the process of buying cryptocurrencies as easy as trading stocks or shares on .
The company was able to gather $4 million in funding from top investors to boost this initiative. Contributors included Greg Kidd, co-founder of Hard Yaka, Adam Draper, founder of Boost VC, and Graham Tuckwell, founder of ETFS Capital.
Amun AG is known for offering an (ETP) on the Swiss Stock Exchange made up of the top five popular crypto assets of the moment: bitcoin, ether, bitcoin cash, XRP, and .
The ETP offered by the company is called “HODL” and can be on the Swiss Stock Exchange like any other stock. Apart from these five popular crypto assets, the startup has licenses for as well but has still not included this crypto asset in the HODL product.
to TechCrunch, back in November 2018, HODL was initially priced at $15.64, currently, it trades at $12.83.
Exchange Traded Product for Crypto Assets
This ETP is the company’s first and has since set its sights on developing a new option where crypto-assets can be individually included. For now, the company is only introducing ABTC which is a -related ETP. Since the company has licenses to operate all six crypto assets, Amun plans to release other individual ETPs soon.
The ETP is not protected by the Collective Investment Schemes Act (), but Amun reportedly has custody and insurance protection and are also backed by equal portions of other crypto assets.
By enabling this crypto-related ETP, Amun is trying to lure the interest of institutional-focused individuals or companies which lack the knowledge, time, or expertise to handle such crypto assets.
Amun CEO and co-founder Hany Rashwan :
“We want to make investing in crypto as easy as buying a stock. Institutional investors around the world are looking for a secure, easy, and regulated way of accessing the crypto asset class. Amun’s products do that at a low price in one of the most reputable financial hubs in the world.”
Optimism in the Industry
Rashwan is relatively optimistic in regards to the Amun project which he hopes will help increase awareness for the crypto asset industry. To stimulate this awareness, Amun is gathering the required licenses to deal with crypto assets and is paving the way to allow other companies in the field to develop their own ETFs.
Adam Draper, one of the investors in this series funding stated:
“The world needs a company like Amun to make crypto as easy as buying a stock. Now that they were the first to do that, they can now provide the toolset and be the de-facto platform for anyone else looking to take their crypto assets/securities to the public markets.”
Published at Mon, 11 Mar 2019 20:00:31 +0000