Swiss Exchange SIX is planning to ver soon list a different cryptocurrency-based exchange-traded product (ETP), which will check the price of XRP, the third largest crypto asset by market capitalization.

Hany Rashwan, co-founder and CEO of the Swiss company Amun AG – which already provides numerous crypto ETPs informed in an interview that his company has got an endorsement from SIX to give away the XRP-linked ETP with the ticker name AXRP, he further stated that:

“We can comfortably say that we expect to release the world’s first XRP ETP within the next two months.”
Besides XRP, Rashwan aforesaid that Amun has additionally obtained clearance to issue ETPs connected to four additional single crypto assets, together with bitcoin money (BCH), litecoin (LTC), stellar lumens (XLM) and Eos.

While the precise time to launch these merchandise isn’t nevertheless totally finalized and can support client interest, he aforesaid the firm plans to list all the eligible and approved crypto ETPs on SIX by the tip of this year.

The SIX exchange-listed its initial ETP that tracks a basket of the highest weighted crypto assets in Nov 2018. That product was issued by Amun for retail and institutional investors underneath ticker name “HODL” – slang within the cryptocurrency community for holding instead of commercialism assets.

Since its listing, the overall monthly commercialism volume for HODL has confiscated that of XETC – ETP that tracks rock oil – and have become the highest listed ETP on SIX in Dec and Gregorian calendar month, per knowledge provided by the SIX exchange.

However, the worth per share for HODL – that tracks BTC, ETH, XRP and LTC – has born from $15 in Nov to around $13 presently, reflective the crypto market decline. In February, its market turnover additionally born to second place, with concerning $4 million dynamic hands.

Amun stores its collateral with Kingdom Trust, a protector for each crypto assets registered with the Securities Exchange Commission within the U.S., and is progressing to add additional custodians in numerous jurisdictions because it plans to list additional crypto ETPs.

SIX’s circular indicated that solely the highest fifteen cryptocurrencies by market capitalization on CoinMarketCap at the time of application may be thought of for commercialism. It additionally specifies solely cryptocurrencies that square measure “based on ASCII text file computer code that performs per the principles of blockchain” square measure allowable as underlying instruments.

“Tokens, within the sense of units from a project, that square measure typically issued as a part of associate initial coin providing, aren’t allowable as the underlying instrument,” the exchange states.

Currently, the SIX additionally building its own digital exchange in a very bid to use distributed ledger technology to hurry up settlements and trade tokenized assets
Rashwan said:

“I don’t think we will have a real licensed and regulated securities token exchange with a professional partner in a reputable country until late this year or early next year – that’s my guess. But when that happens, we will be ready with three to five tokenized ETPs, including our own and others’.”