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).