XRP ETP Launched on Swiss Stock Exchange SIX

Avi Rosten

Switzwerland’s leading stock exchange SIX has today (Apr 2) listed the first ETP (Exchange Traded Product) which tracks the price of XRP.

Amun AG, the Swiss fintech firm behind the ETP, announced the news, explaining that the ETP had started trading under the ticker symbol AXRP.

This latest ETP is now the fourth ETP product listed by the firm on the SIX exchange, after the launch of an ether-based ETP (AETH), bitcoin-based ETP (ABTC) and the ‘Amun Crypto Basket’ Index ETP (HODL) which tracks the top 5 cryptoassets by market capitalization and liquidity - which at the moment consists of bitcoin, XRP, ether, bitcoin cash (BCH) and litecoin.

Choice of Cryptoassets

Co-founder and CEO of Amun, explained to Coindesk their goals for the project, as well as the company's rationale for choosing assets to track:

We seek to create an easy, safe, and regulated way for investors to access the crypto asset class. [As long as a cryptoasset has] sufficient liquidity, good development records, and no nefarious activity.

He added that:

We plan on launching other strategies, more single asset ETPs, and more indices! We are planning on having 6–8 additional launches this year.

Amun added that they are also looking for external customers to use its platform - Amun Onyx - who will be able to launch their own ETFs (Exchange Traded Funds).

Kraken Exchange Test Bug Allowed Some Traders to Make an Easy 20% Profit

  • Cryptocurrency exchange Kraken disclosed a product testing bug that affected how orders were executed.
  • Certain clients were able to buy BTC at $8000 while others sold at $120000.

Cryptocurrency exchange Kraken has updated users on a new bug that allowed certain clients to buy BTC at $8000 or sell at $12000.

Kraken Exchange Bug 

According to the notice published to Kraken’s official Twitter account, the exchange was testing an unreleased advanced order type when it encountered a bug.

The glitch led to a system error where orders were priced against the wrong side of the book. Certain clients were able to purchase bitcoin at $8,000 per coin while others were able to sell at $12,000 against the tester without an intervene in liquidity being cleared (despite the market price of BTC hovering around $10,300).

Kraken explained that because of the bug, orders were executed on either side of the $8K - $12K spread, without any liquidity in between being exhausted. However, stop orders were apparently triggered and correctly filled.

Community members were quick to criticize the exchange for allowing such a significant bug to occur on a test that was being run in a live market. 

Jesse Powell, co-founder and CEO of Kraken, defended the exchange’s actions by explaining that products have to be live-tested eventually, even if there is a chance of error. 

 

Featured Image Credit: Photo via Pixabay.com