Switzerland’s primary stock exchange SIX could soon list another cryptocurrency-based exchange-traded product (ETP), which will track 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 offers several crypto ETPs – told CoinDesk in an interview that his firm has received approval from SIX to issue the XRP-linked ETP with the ticker name AXRP, adding:
“We can comfortably say that we expect to release the world’s first XRP ETP within the next two months.”
Besides XRP, Rashwan said that Amun has also obtained clearance to issue ETPs linked to four more single crypto assets, including bitcoin cash (BCH), litecoin (LTC), stellar lumens (XLM) and EOS.
While the exact time to launch these products is not yet fully finalized, and will based on buyer interest, he said the firm plans to list all the eligible and approved crypto ETPs on SIX by the end of this year.
The SIX exchange listed its first ETP that tracks a basket of the top weighted crypto assets in November 2018. That product was issued by Amun for retail and institutional investors under ticker name “HODL” – slang in the cryptocurrency community for holding rather than selling assets.
Since its listing, the total monthly trading volume for HODL has taken over that of XETC – an ETP that tracks crude oil – and became the top traded ETP on SIX in December and January, according to data provided by the SIX exchange.
However, the price per share for HODL – which tracks BTC, ETH, XRP and LTC – has dropped from $15 in November to around $13 currently, reflecting the overall crypto market decline. In February, its market turnover also dropped to second place, with about $4 million changing hands.
For more information: coindesk.com