Swiss Stock Exchange Launching XRP Exchange-Traded Product
One of Europe’s biggest stock exchanges says it will soon add an XRP-based exchange-traded product (ETP).
The new ETP will launch on Switzerland’s stock exchange SIX, backed by the Swiss startup Amun AG. Hany Rashwan, Amun AG’s CEO, told CoinDesk it has received approval from regulators to issue the ETP using AXRP as the ticker name.
“We can comfortably say that we expect to release the world’s first XRP ETP within the next two months.”
According to Rashwan, all trades made with Amun Ag’s exchange-traded products are fully backed by cryptocurrency that’s held by the crypto custodian Kingdom Trust.
“The collateral also has to be kept at an independent qualified custodian. The calculation of the price is checked multiple times a day by several parties.”
Amun AG just added an Ethereum-based ETP in addition to Bitcoin. By the end of the year, it plans to create ETPs for Bitcoin Cash, Litecoin, Stellar and EOS.
SIX also plans to launch its own digital assets exchange in 2019 that will tokenize assets and utilize blockchain technology to power trades. The company will use R3’s corporate, blockchain-based settlement platform Corda Enterprise to power the service.