The Swiss Stock Exchange SIX may in the near future make a listing of yet another product traded on the exchange (ETP), tied to the XRP cryptocurrency rate, CoinDesk writes.
Co-founder of the Swiss company Amun AG, which already serves several crypto-ETPs, Hani Rushwan reported that SIX gave them permission to list ETP, which will be traded under the ticker AXRP.
“We can reasonably state that we plan to make the listing of the world's first ETP based on XRP within two months,” he said.
In addition, Amun AG received permission to list four more ETPs tied to Bitcoin Cash, Litecoin, Stellar Lumens and EOS. The company assesses consumer interest in these products and intends to launch all of them by the end of the year.
SIX unveiled its first crypto-ETP for retail and institutional investors in November 2018. It appeals under the ticker “HODL” and includes Bitcoin, Ethereum, Litecoin and XRP. In December and January, HODL was the most requested ETP on the SIX platform.
Turnover of the three most sought-after ETPs on the SIX Exchange
Exchange-traded products on SIX are exempt from control of the Swiss Financial Market Supervision Authority (FINMA), as they are passive investment instruments and are not classified as collective investment schemes. Each serviced Amun AG ETP must be fully secured with cryptocurrency assets held by the Kingdom Trust.
According to the SIX rules, only the 15 largest cryptocurrencies by capitalization are considered for listing. In addition, all cryptocurrencies issued on the stock exchange should “be based on open source code that functions according to the principles of the blockchain”. “Tokens, which are units of individual projects, often distributed through ICO, cannot serve as a basic tool,” explains the stock exchange.
Amun AG also plans to release its own token on the Ethereum blockchain, which will be used to tokenize both cryptocurrency and traditional ETPs.
ETP has recently been launched on SIX, tied to Bitcoin courses and Ethereum.
