Home Ripple Amun Ripple XRP [AXRP] backed ETP to be launched on April 2, says Swiss exchange SIX – AMBCrypto News

Amun Ripple XRP [AXRP] backed ETP to be launched on April 2, says Swiss exchange SIX – AMBCrypto News

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SIX, a major Switzerland’s stock exchange, declared on their official website that a cryptocurrency-based exchange-traded product [ETP], Amun Ripple XRP or [AXRP], will be launched on April 2, 2019.

XRP’s valuation would be tracked by the ETP and it would make the aforementioned product the first ever XRP ETP.

Harry Rashwan, the Co-founder of Amun AG, recently briefed Coindesk that the firm had received approval from SIX to issue an XRP-backed ETP. These ETPs were to be approved and monitored by the Federal Financial Market Supervisory Authority (FINMA), Switzerland’s market regulator.

The firm previously managed Ethereum [ETH] and Bitcoin [BTC] ETPs under the name of AETH and ABTC.

He stated,

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

The company already has the permission to issue ETPs linked to the likes of Bitcoin Cash [BCH], Litecoin, [LTC], Stellar Lumens [XLM] and EOS. However, Rashwan specifically mentioned that the launch would depend on buyer’s interest.

Amun’s interest in launching the XRP ETP was speculated to be due to a recent $4 million seed round, which was led by Graham Tuckwell, the first person to set up an ETF which tracked the valuation of gold.

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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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