BTC Wires

New Exchange Traded Product For XRP To Be Launched By Swiss Exchange

According to reports, recently published by crypto outlet The Block on Monday, Mar. 11, one of the largest cryptocurrency exchanges in Switzerland, SIX is slated to launch yet another exchange-traded product (ETP) for XRP.

‘Amun AG’, the crypto startup in Switzerland that launched the world’s first listed crypto index product on SIX last November, has confirmed the news to The Block, that the XRP exchange-traded product will be launched under the ticker AXRP.

SIX, the crypto exchange in question is based out of Zurich and also deals with trading of other stocks like government bonds and derivatives. This is the exchange that was the first in the world to establish a trading, clearing, and settlement system, which was fully automated way back in 1995. Their management is made up of a partnership of fifty-five banks that have equal votes in decision making and regulations. Its main market stock index is the blue-chip index, the SMI or the Swiss market index.

Amun is a technology company,  that deals with creating a financial on-ramp to acquire and secure crypto assets.  It has recorded successful rounding of funds worth $4.2 million.

In an interview, the co-founder and CEO of Amun, Hany Rashwan said is company has been approved by SIX to issue the XRP supported ETP. He also said

“We can comfortably say that we expect to release the world’s first XRP ETP within the next two months.”

Other than XRP,  Amun, which has already offered many other crypto’s ETPs also received another approval from SIX to issue ETP links to four more cryptos which include Bitcoin Cash (BCH), Litecoin (LTC), Stellar Lumens (XLM) and EOS. SIX’ s first listed ETP which was launched in November 2018, attracted many of the top cryptocurrencies.

As per data provided by SIX exchange, even though the price by share has dropped from $15 to around $13 since its launch in November, the Amun Crypto Basket ETP is currently the most traded ETP by volume