Switzerland’s main stock exchange, SIX, has listed a Ripple-based exchange traded product (ETP). This news comes via a post on SIX’s official website earlier today.
As Bitcoin Center NYC previously reported last month, the exchange had already made public that it would be listing the product, which it is calling Amun Ripple (AXRP). In their announcement in March, co-founder and CEO of Amun — the company bringing the ETP to market — Hany Rashwan confidentially claimed that the product would be the first of its kind on the market:
“We can comfortably say that we expect to release the world’s first XRP ETP within the next two months.”
But Rashwan did not stop there. He went on to claim Amun had also received SIX’s approval to launch four more ETPs — including Stellar Lumens (XLM), EOS, Litecoin (LTC), and Bitcoin Cash (BCH). While Rashwan did not offer a timeline for the launch of these products, he indicated that they will be based on buyer interest, and that they would be available for trading on SIX by year end. Last November, SIX also listed what was said to be the world’s first ETP tracking an index of multiple crypto assets, based on Bitcoin, Ripple, Ethereum, Bitcoin Cash, and Litecoin.
Notably, track the price of a specific token, and are not backed by the underlying asset, making them synthetic products. Many crypto proponents believe that the crypto market will take off again — although, looking at prices today, that may be happening now — once ETPs that are backed one to one by the underlying cryptoasset are developed and traded. In this scenario, anyone or any institution purchasing shares of the ETP would, in effect, be buying the actual cryptoasset, hence driving up the price.
As the U.S. has been slow to approve a crypto ETF, it seems Europe has taken the lead in terms of offering more advanced trading products.