SIX Plans To Adds Exchange Trading Product for XRP

by | Mar 12, 2019 | Cryptocurrency, Cryptocurrency News

SIX | XRP | ETP | Exchange trading fund

 SIX, the largest stock exchange of Switzerland is reportedly planning to launch another crypto exchange-traded product (ETP) for XRP, as per an article by the crypto outlet The Block on March 11.

The Block quotes Amun AG,  a Swiss crypto startup that launched the world’s first listed crypto index product on SIX last November, for the information. As per the startup, the XRP ETP will be dubbed as AXRP and launch very soon. The CEO and Co-founder Amun AG, Hany Rashwan told Coindesk, that the firm has also received SIX’s approval to launch four more ETPs for other altcoins including Bitcoin Cash (BCH), Litecoin (LTC), Stellar (XLM) and EOS.

An article of Financial Times reports a successful $4.2 million funding round for Amun AG. The publishing further states that Graham Tuckwell, the Australian entrepreneur participated in the investment. Notably, Tuckwell was behind the world’s first gold exchange-traded product and is also the founder of investment firm ETF Securities.

Amun Crypto Basket ETP

Listed by SIX in November 2018, the Amun Crypto Basket ETP is the world’s first multi-crypto-based ETP. The index tracks five major cryptocurrencies, Bitcoin (BTC), Ethereum (ETH), Ripple (XRP),  Bitcoin Cash (BCH) and Litecoin (LTC). Later the firm launched Ethereum and Bitcoin ETPs, under the ticker symbol of AETH and ABTC respectively.

The data provided by SIX exchange suggests that Amun Crypto Basket ETP has been the most traded ETP by volume.   However, the price by share has dropped from $15 to around $13 since its launch in November.

Read more: Cryptocurrency Exchange HitBTC Accused By Bitcoin Private Team For Fraud

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