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Swiss Exchange lines up for the launch of XRP-based ETP instrument
We’ve recently reported Switzerland’s primary stock exchange, SIX Group knocking R3’s Corda enterprise for blockchain-driven trading platform ‘SDX’ and listing Ethereum-based ETP.
SIX has recently announced SDX’s full-fledged trading, settlement, and custody infrastructure for digital assets back in July’2018. A new financial instrument pegged to Ethereum was announced.
The financial instrument of Amun Ethereum ETP (AETH) carries an annual management fee of 2.5% and is backed by Switzerland-based firm Amun AG. This was confirmed by Amun Crypto Basket Index ETP in last November 2018, which trades under the ticker symbol “HODL.” Furthermore, SIX has Bitcoin-based ETP in its radar with the ticker symbol “ABTC.”
SIX most likely to list yet another cryptocurrency-based exchange-traded product (ETP), that tracks the XRP’s price, which happens to be the 3rdlargest crypto-asset by market capitalization.
Hany Rashwan, the co-founder and CEO of Amun AG, a company behind the ETP, says that “the products will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments.”
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing -22 (which is mildly bearish), while hourly USD spot index was at -102 (highly bearish) while articulating (at 09:43 GMT).
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