A recent report is alleging that Switzerland’s largest stock exchange, SIX Swiss Exchange, may now be about to list a cryptocurrency exchange-traded product (ETP) for XRP.
SIX will reportedly list Amun’s XRP-based ETP
Specifically, this news is said to have been verified by Hany Rashwan, the CEO and co-founder of Amun AG, a Swiss firm which already offers several cryptocurrency exchange-traded products.
Rashwan has reportedly divulged that his firm has now received approval from SIX to begin issuing an XRP-based ETP, which will supposedly hold the ticker name AXRP. Rashwan went on to note that this world-first XRP exchange-traded product will launch sooner than later:
”We can comfortably say that we expect to release the world’s first XRP ETP within the next two months.”
As such, Switzerland will likely have an XRP-linked ETP to trade in as little as two months – provided that nothing goes wrong. However, notably, this could just be the beginning of a new wave of cryptocurrency-based ETPs in Switzerland.
In fact, Rashwan noted that Amun AG has already received Swiss clearance to issuing more cryptocurrency-linked ETPs. Rashwan stated that the firm had also obtained the go-ahead for creating exchange-traded products based on Bitcoin Cash, Litecoin, EOS and Stellar Lumens.
Amun intends to list more cryptocurrency-based ETPs
Nevertheless, the timeline for when these products will be released is still somewhat unclear. Rashwan was quoted as saying that the release of these financial products will be dictated by buyer interest demand.
With this being said, however, Rashwan also noted that the firm has concrete plans to list all approved cryptocurrency-based ETPs before the end of 2019.
This development is notable, seeing as a cryptocurrency-linked ETP could be seen as the next best thing to a cryptocurrency ETF. Nonetheless, it is not the first of its kind. The Swiss SIX exchange listed its first cryptocurrency-based ETP in November of last year.
This ETP tracked a basket of the top-weighted cryptocurrency assets, and was similarly issued by Amun. It was available for both retail and institutional investors, and aptly carried the ticker name ”HODL”.
Ever since its listing, the HODL exchange-traded product surpassed the crude oil-based ”XETC” ETP and became the top-traded ETP on SIX in both December and January. Furthermore, the last few weeks have reportedly seen Amun issue Bitcoin and Ethereum-based ETPs on the SIX exchange.
With several other potential cryptocurrency ETPs on the horizon, it seems as if Switzerland’s largest stock exchange might soon be gripped with crypto fever.
Image Source: “Flickr”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.