Altcoin News: Swiss Stock Exchange (SIX) May Open ETP Trading on XRP in 2 Months

March 13, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Swiss Stock Exchange (SIX) plans to add another cryptocurrency ETP to the listing soon, based on the XRP price.

Hany Rashwan, co-founder and CEO of the Swiss company Amun AG, which already offers several cryptocurrency ETPs, said in an interview that his company received permission from SIX to release ETP on XRP with the AXRP ticker. He added:

“We can comfortably say that we expect to release the world’s first XRP ETP within the next two months.”

Amun has also received permission to issue ETP, associated with four more cryptocurrency assets, including BCH, LTC, XLM, and EOS. Although the exact time to launch these products has not yet been determined and will depend on customer interest, he said that the company plans to add to the listing all approved cryptocurrency ETP on SIX by the end of this year.

SIX Exchange agreed to launch ETP, which tracks the basket of the largest cryptocurrencies, in November 2018. This product was released by Amun for retail and institutional investors under the ticker HODL. In the past few weeks, Amun has also released Bitcoin and ether based ETP. Rashwan added that today most buyers of cryptocurrency ETP are located in Switzerland, while foreign investors also get access to Swiss markets in accordance with the laws on securities of their countries.

Currently, SIX is creating its own crypto-asset exchange, seeking to use distributed registry technology to speed up calculations and trade in tokenized assets. Recently, the R3 Corda Enterprise platform was selected for this purpose. SIX Digital Exchange is scheduled to launch in the second half of 2019. In this regard, Rashvan said:

“I don’t think we will have a real licensed and regulated securities token exchange with a professional partner in a reputable country until late this year or early next year — that’s my guess. But when that happens, we will be ready with three to five tokenized ETPs, including our own and others’.”

Author: Marko Vidrih