Cathie Wood joins the board of directors at Amun Crypto Technology

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Cathie Wood, a top Wall Street investor and the founder and CEO of ARK Investment Management, has joined the board of Amun Holdings, a European crypto technology firm, after personally investing in the business, which is owned by 12Shares AG, a Swiss crypto exchange-traded product issuer.

21Shares AG is a Swiss provider of exchange-traded products (ETPs) linked to the cryptocurrency industry, rendering cryptocurrency trading as simple as purchasing stocks through traditional brokers or banks.

Wood spoke about her decision to join the Amun Holdings board of directors: “I am thrilled to support its efforts. 21Shares is forging a new path for crypto ETPs by leading with research and a keen understanding of this developing asset class.

Listed on national exchanges in Switzerland, Germany, and Austria, 21Shares and Amun products are available among other places.

Amun, headquartered in Zurich (Switzerland’s capital city), plans to use Wood’s experience to extend 21Shares globally. According to Amun’s CEO Hany Rashwan, the crypto company, which earns between $40 million and $50 million per year, aims to improve retail and institutional cryptocurrency accessibility.

Amun also expects to list its first non-European product in the coming months, according to Rashwan.

Investors can bet against Bitcoin with the 21Shares Short Bitcoin ETP, and the 21Shares crypto basket index monitors the prices of the top five crypto assets by market value.

Cryptocurrency as a Lucrative Business Opportunity

Cathie Wood’s move shows how more institutional investors are attempting to profit from the crypto market’s growth. Wood’s assets are heavily invested in the cryptocurrency market.

Wood made headlines recently after investing $246 million in Coinbase shares on April 15, the day Coinbase Global went public, and then buying another one million Coinbase shares worth $580 million the next day. ARK Invest had bought 7 million shares of Grayscale Bitcoin Trust two months prior.

Several businesses are rapidly embracing cryptocurrencies, either by facilitating payments and transfers or buying the assets themselves.

Square and Tesla, for example, see the benefit of incorporating crypto assets into their business models. This year, Tesla converted a portion of its cash on hand into Bitcoin. Goldman Sachs has launched a new crypto trading desk, and UBS Group, Switzerland’s largest investment bank, is in talks to provide cryptocurrency investments to its high-net-worth investors.

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