World’s first Ripple’s XRP Exchange-traded Product (ETP) is set to be launched in two months, Today’s Gazette has learnt. The crypto-based ETF is to be launched by the Switzerland’s key stock exchange SIX said effort is being pulled to unveil the ETP, which is expected to track the value and price of Ripple’s XRP.
Hany Rashwan, CEO and co-founder the Swiss company Amun AG, a platform that already offered many crypto ETPs, said in a conversation with CoinDesk that SIX Exchange has already given the firm an approval to launch XRP-linked ETP using the ticker AXRP.
He said: “We can comfortably say that we expect to release the world’s first XRP ETP within the next two months.”
In the same line, Rashwan made known that Amun has gotten a clearance to issue ETPs lined with crypto assets like stellar lumens (XLM), EOS, Bitcoin Cash (BCH), and Litecoin (LTC).
Meanwhile, Rashwan did not state the exact time for the launch, there is optimism that the ETP will boast crypto adoption in general.
In November 2018, SIX exchange listed its maiden ETP which monitors top-performing digital currencies. The ETP was issued through Amun for institutional and retail investor with the ticker “HODL”.
As prescribed by SIX Exchange, each unit of ETP must be backed and collateralized by an equivalent of the crypto assets.
He said: “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.”
XRP Price: What The Future Holds
Several analysts have predicted that the future of XRP is outstanding. The total crypto market has lost 0.2% today.
While things have been generally poor for the crypto space, Ripple’s XRP is changing hands at $0.311762 with a price increment of 0.66% in the last 24 hours.
With a market cap of $ 12.91B, as we write, Ripple’s XRP has seen a price increase of 0.26% and a 24 hour volume of over $553 Million.