Primary stock exchange of Switzerland (SIX) is pondering over the thought of listing another crypto-based exchange-traded product (ETP), which would track the market value of XRP. Point to know here is that XRP is the third largest crypto asset in the world when we consider market capitalization as the criteria.
CEO and co-founder of Amun AG (which is a Swiss company and has been offering many crypto ETP for a long time now), Hany Rashwan in an interview to one crypto news portal that his company has approval from SIX to list and deal in the XRP-linked ETP. Its tokenized name is AXRP.
He further said that “We can comfortably say that we expect to release the world’s first XRP ETP within the next two months.” He continued saying that his company is also permitted to issue four more ETPs linked single crypto assets namely: EOS, bitcoin cash (BCH), stellar lumens (XLM) and Litecoin (LTC).
However, the company has not revealed the exact day of this launch. The day will depend on the interest of buyers. He did not forget to mention that this is just a beginning and by the end of 2019 its company would list all the eligible and approved crypto ETPs (as per SIX).
Six listed its first ever ETP in November last year. Amun funder ticker name “HODL issued that product.” HODL is a slang used in the cryptocurrency community for holding assets. Since it is listing, HODL’s total trading volume/month has overtaken XETC. XETC keeps an eye on crude oil. By taking over XETC, HODL had become the top traded ETP at the end of the last year and at the beginning of this year, as per the data provided by SIX.
However, a point to know here is that the price per unit for HODL has come down from $15 in November to around $13 (at present). This drop in value shows that the currency has got affected due to the overall decline in the global crypto market. It’s market turnover as reduced in February.
Amun CEO Rashwan said that most of the buyers for its crypto ETPs are from Switzerland. However, investors across the seas also have access to the Swiss markets.