Amun Ripple XRP ETP Really To Be Launched On April 2
The Swiss SIX Stock Exchange will be launching the new XRP-based exchange-traded product (ETP) on April 2nd, 2019. The information was released by the SIX exchange a few hours ago. This ETP will be tracking the price of Ripple and it will be the first-ever XRP ETP launched to the market.
SIX Exchange Launches Amun Ripple XRP ETP
Investors in Switzerland will now have the possibility to invest in this new XRP-based ETP that is going to be released as soon as on April 2nd, 2019. According to CoinDesk, Hany Rashwan, the co-founder and CEO of Amun AG, said in an interview that they received approval to launch the ETP.
Amun AG has also been granted the approval to issue ETP linked to other digital assets such as Litecoin (LTC), Bitcoin Cash (BCH), EOS, and Stellar (XLM). As per the company, the intention is to list all these accepted and approved crypto ETPs on the SIX exchange before the end of 2019.
This would allow many individuals to have access to the cryptocurrency market. Those investors that have been handling stocks but did not enter the crypto market, would be able to do it now with these ETPs. The firm was able to receive $4 million in funding to launch more channels for crypto ownership.
It is worth mentioning that the ETPs must be collateralized since they are inert investment instrument without active trading ideas. These crypto-related ETPs are also monitored and approved by the Federal Financial Market Supervisory Authority (FINMA), the regulatory authority of Switzerland.
Rashwan said that the ETPs must be backed and collateralized with an equal amount of cryptocurrency assets. It is worth mentioning that the funds must also be stored by a qualified custodian.
“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.”
This time, the ETPs are going to be collateralized with Kingdom Trust, an SEC-registered crypto asset custodian.
Switzerland is one of the most open countries towards digital currencies and blockchain technology around the world. The country has already developed a clear regulatory framework for companies to operate in the space.
XRP is the third largest digital asset in the market with a valuation of $13.03 billion. Each XRP can now be purchased for $0.3123.