A Swiss stock exchange has announced the launch of Amun Ripple XRP (AXRP). AXRP will be an exchange-traded product (ETP) which is traded against XRP.
In February, Swiss Exchange SIX made the news for announcing plans to launch their own security token offering. The exchange has been innovative in adopting digital assets and packaging them with traditional ones. Expanding on this goal, the stock exchange will now be offering an exchange-traded product (ETP) based on XRP.
With a management fee of 2.5 percent, the new fund will be recognized by the Bloomberg ticker AXRP SE.
Making Digital Asset Investment Familiar
SIX is looking to use the channels traditional investors are familiar with, like buying a stock, and bringing this to the crypto world in the easiest way possible. However, SIX is not settling with just making an ETP based on XRP. The exchange plans on making ETPs based on Litecoin, Bitcoin Cash, EOS, and Stellar Lumens. The exchange says that investors can expect these other crypto-based ETPs to go on market before the year ends.
With the unveiling of the XRP-based ETP, SIX will also soon be unveiling its own digital assets exchange as well.Currently, SIX is the leading Swiss stock exchange. It has a market capitalization of more than 1.6 trillion USD and oversees approximately 4.6B USD.
If successful, SIX will likely be paving the way for other national stock exchanges to adopt digital assets into their trading and investment packages.
Will SIX’s ETP be successful? Will other stock exchanges follow suit? Let us know your thoughts in the comments below.