Cryptocurrency News

Swiss Exchange to List XRP Linked Exchange-Traded Product (ETP)

Swiss Exchange SIX is planning to soon list a different exchange-traded product (ETP), which will check the price of leading crypto asset XRP.

Co-founder and CEO of Amun AG Hany Rashwan informed that SIX allowed his company to issue XRP-backed ETP under the name AXRP. He further stated that,

Hany Rashwan said

Rashwan aforesaid that Amun can now also issue ETPs linked to Litecoin (LTC), Bitcoin Cash (BCH), EOS, and Stellar Lumens (XLM).

The date of launch for these merchandise hasn’t yet been ascertained, the firm, however, plans to list the approved crypto-backed ETPs on SIX’s platform by this year-end.

SIX listed its initial ETP in November 2018. Issued by Amun, that product named “HODL.” was meant for retail and institutional investors.

Since the moment it was listed, the overall monthly trading volume for HODL has overtaken that of XETC (an ETP that tracks crude oil). HODL also became the highest traded ETP on SIX in December and January.

However, the per-share worth for HODL – that tracks ETH, XRP, BTC, and LTC – has come down to $13 from $15 in November. 

Amun’s collaterals are stored with Kingdom Trust and is progressing to add additional custodians across the globe to materialize its plans of adding more crypto ETPs.

SIX’s circular indicated that the leading fifteen crypto coins by market cap on CoinMarketCap at the time of application can be traded on its platform. 

The exchange states,

In an effort to trade tokenized assets, fasten transactions, and its related settlements with the use of DLT, SIX is developing its own digital exchange.

Rashwan said:

Rashwan said

Paul Jolin

Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button