Swiss fintech startup Amun, which aims at making investments in crypto-assets as easy as buying share in public companies, has landed $4 million in funding from several investors, including Adam Draper, founder of Boost VC; Graham Tuckwell, founder of ETFS Capital; Greg Kidd, co-founder of Hard Yaka; and four family offices.
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. The HODL ETP is essentially a security, the value of which is derived from the prices of the cryptocurrencies it's tied to. HODL has been traded on the Swiss Stock Exchange since last fall.
“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,” said Hany Rashwan, co-founder and CEO at Amun.