Dechert Advises On World’s First Cryptocurrency Index-Backed Exchange Traded Product
November 22, 2018
Dechert LLP acted as legal counsel for Amun AG, a special purpose issuance vehicle of the fintech group Amun Technologies Limited, in a recent issuance of Exchange Traded Products. The issuance, which completed on November 21, was the first cryptocurrency-linked ETP transaction facilitated by the SIX Swiss Exchange program. It will be listed on SIX on 22 November.
The first products issued are linked to the performance of the "Amun Crypto Basket Index (HODL5)", an index that tracks the performance eligible crypto currencies such as Bitcoin (BTC), Ethereum Ether (ETH), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), Stellar Lumens (XLM) or EOS (EOS).
Dechert LLP advised Amun on UK legal matters, while Homburger advised Amun with respect to Swiss law. The Dechert team was led by London partner Monica Gogna, and involved New York partner Samantha Koplik, and supported by London associates Jennifer Rees and Chelsea Fish.
Partner Monica Gogna said, “We are delighted to have advised on this very exciting and innovative ETP launch. The cryptocurrency sector is attracting both regulatory attention and traction in the markets. As such, this deal hit our “sweet spot” in advising on the most complex and innovative deals in the exchange traded markets. We are pleased to have the ability to bring Dechert’s knowledge and expertise in advising on cryptocurrencies and global exchange traded products to the table”.
Amun CEO Hany Rashwan says: "We greatly enjoyed working with the Dechert team. This was a very difficult product to build and the process covered challenging legal, regulatory, and structuring features. Monica was the most helpful guide across these demanding straits and we would not have been able to accomplish bringing the world's first crypto index ETP to market without the expert legal prowess and creativity of the team."
About Dechert
Dechert is a leading global law firm with 27 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.
