Buying Bitcoin Within Italy and Europe is Now Easy

Aug 29, 2019 at 10:18 // News
Coin Idol
As the entire blockchain ecosystem is waiting for the approval or disapproval of cryptocurrencies ETFs by the US SEC.

While the United States Securities and Exchange Commission (US SEC) continues to take time and postpone the listing of the first exchange-traded funds (ETFs), Bitcoin and other cryptocurrencies in Italy and the rest of Europe the number of tools that replicate the cryptocurrency trend. As the entire blockchain ecosystem is waiting for the approval or disapproval of cryptocurrencies ETFs by the US SEC, buying and selling of bitcoin and other altcoins and also investing in funding is now as easy as drinking water in Italy and Europe at large.

The first Exchange Traded Notes (ETNs) were listed on the Stockholm Stock Exchange in 2015 by the Swedish company Xbt Provider. In 2018, however, another Exchange Traded Product (ETP) debuted on the Zurich Stock Exchange, replicating a basket of cryptocurrencies. Previously, the US SEC was burned by two very young startuppers, founders of the English company Amun: the Italian-American Ophelia Snyder, 27, and the Egyptian Hany Rashwan, 29 years old.

The Security Behind the Project  

They worked on the project for more than a full year, looking for the most fertile context for their creation, which they later found in the Six Swiss Exchange. In November 2018, they listed the Amun Crypto Basket Index ETP, which debuted at a price of 15.64 dollars - currently its value fluctuates around $23, while at the end of June it had reached a maximum of $34.075.  

The Amt home ETP offers eligible investors, professional but also retailers in Switzerland and Italy, access to a diversified basket of cryptocurrencies, which is rebalanced every month. The underlying index, the Amun Crypto Basket Index, was launched in September last year and is managed by MV Index Solutions.  

It is an index composed of the 5 main cryptocurrencies classified according to market capitalization and other eligibility criteria. Of course, to enter the index, a cryptocurrency must comply with certain rules, including: being able to be used by market makers as the underlying, being accepted by the Swiss stock exchange (Six), and being liquid and enjoying a good track record. Together, cryptocurrencies linked to a currency, like Tether, or created to be anonymous, or that are traded on malicious platforms are not taken into consideration.  

Exposing Investors to Cryptocurrencies

Snyder and Rashwan said that they wanted to offer investors an easy way to take exposure to cryptocurrencies. And to do this they had to untangle two big knots: the ease of purchase, which they obtained with the ETP box, and security, ensured by the fact that cryptocurrencies are stored in a virtual wallet completely isolated from the rest of the world. They used complex security measures, with extremely sophisticated cryptographic protection. The idea is to create a family of tools entirely dedicated to cryptocurrencies.

The market and many companies have been waiting for the final verdict on Bitcoin and cryptocurrency ETFs by the SEC. However, the cryptocurrency is still optimistic that the results will be positive since the SEC Commissioner Hester Peirce is in total support of blockchain and digital assets especially Bitcoin.

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