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In this conversation, we chat with Hany Rashwan – the founder of Amun and 21Shares. Hany built the company that put out the first physically backed crypto Exchange Traded Product (ETP). In simpler terms, he created a vehicle for people to buy crypto assets, such as Bitcoin or Ethereum, on the stock market. Alongside Cathie Wood of ARK, 21Shares recently submitted a Bitcoin ETF to the SEC. While he waits for the US to get on board, Hany's products are already offered all over Europe, with more than $3 billion under management.
More specifically, we touch on his early entrepreneurial mindset which lead him to building successful businesses, how currency devaluation in Egypt pushed him to create 21Shares, what an Exchange Traded Product (ETP) is and how it related to Exchange Traded Funds (ETFs), the regulatory landscape for crypto-backed ETPs, and so so much more!
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Sneak Peek:
Hany Rashwan:
…all I tried to do at the end of the day is get my family to make a meaningful investment through an ETF. We then scoured the globe, saw a lot of very, very imperfect products, some dangerous ones. And I remember it took me six or seven months to help my family make an allocation that we felt comfortable about, that we felt safe about. And obviously throughout this entire process, I saw some of the internal issues with this side of the industry. My co-founder and a very close friend at the time or failure was experiencing something similar with her family.
And at the beginning, this was just an intellectual exercise of why are the Winklevoss twins only focusing on doing this in the United States when it's clear, it will move faster elsewhere. And then you can use that base to expand everywhere, including the United States. Why don't we do just build the right structure in a place that is appropriate for it that will benefit from Bitcoin? And then again, use that base from which to expand. And that's the story of basically how we listed the world's first physically backed crypto ETP at the end of 2018, despite…
More? So much more!
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