Cosmos, the award-winning smart operational create/redeem platform from ETP FinTech and data expert, Ultumus, has onboarded Virtune, a leading provider of cryptocurrency ETPs for both retail and institutional investors. Virtune, which is regulated in Sweden, is launching a top ten, physically backed, cryptocurrency ETP available in Swedish Krona and Euro share classes. It offers diversified exposure to leading virtual currencies and has a cap of 40% per coin to maintain diversification, while monthly rebalancing reduces trading costs. The product benefits from institutional custody, including cold storage, with Coinbase, which is regulated by the US SEC.
Virtune’s smart product structuring matches a similar mindset on the operational side, striving to improve operating models with best of breed solutions. The old ETP operating landscape of fragmented and disparate portals, systems and processes, sometimes requiring ad hoc emails and messaging, is giving way to centralized, standardized aggregation solutions that expedite and coordinate the operational machinery and routines of the ETP ecosystem.
Virtune selected Cosmos to handle the lifecycle of ETP related operations, from approving new creation and redemption orders through to settlements as well as PCF calculation services.
Ultumus is committed to serving the cryptocurrency market. Ultumus global presence with offices in the US, Asia and UK is helpful for the crypto market and Ultumus is abreast of rapidly evolving developments around spot trades, negotiated baskets and instant messaging. Ultumus has also devised more sophisticated methods for capturing crypto transactions in more detail. Virtune bolsters Cosmos’s footprint in the crypto space, where clients already include CoinShares.
Cosmos provides automated processes, user interfaces (UIs) and handy dashboards, and application programming interfaces (APIs), all housed in the cloud, which enhance efficiency, and smart programs also flag up potential validation errors. All of this provides an audit trail of steps and stages, which is helpful for compliance as well.
Cosmos builds on Ultumus’ extensive dynamic library of near real time global data on ETPs, their underlying portfolios and portfolio composition files, provided for leading ETP players in crypto and conventional asset classes. It is natural and logical to plug these into order flow and work flow management to complete the operational jigsaw.
Cosmos engenders a virtuous circle for the entire ETP ecosystem, accommodating all players in a single portal. Centralising order flow streamlines order placement, which generates cost, time and accuracy efficiencies for APs, sponsors and transfer agents.
Ultumus is a pure play ETP specialist owned by SIX Group, the Swiss Exchange.