Switzerland’s Six Exchange launched a new Exchange Traded Product (ETP), Amun Ripple XRP (AXRP) on 2nd April 2019. The management fees charged by the firm for trading these ETPs is 2.5%.
Amun AG is the Swiss Company with offices in Zurich and New York that tracks the price of the ETPs for the Six Exchange.
Revisiting Exchange Traded Products (ETPs)
An Exchange Traded Product is financial security which derives its price from other underlying assets. It can be traded on the traditional stock exchange like any other stock or commodity. Intra-day orders of the ETPs can be also be placed.
The Exchange Traded Products on the Six Exchange are fully collateralized, i.e., the trades are backed by the actual assets; in this case XRP tokens. The Exchange Traded Products can not only be used to place intra0day orders but also to develop other financial products on it.
Hany Rashwan, the CEO of Amun AG noted that:
“We seek to create an easy, safe, and regulated way for investors to access the crypto asset class,”
Performance of Other Crypto-ETPs
Amun Ripple XRP (AXRP) is the fourth ETP based on cryptocurrency released by Amun AG on the Six Exchange; Amun-crypto basket (HODL), Amun Ethereum ETP (AETH) and Amun Bitcoin ETP (ABTC) were published before the XRP ETP in 2018.
The Exchange Traded Products based on cryptocurrencies have performed better than traditional ETPs on the Six Exchange.
Top Traded ETPs on Six Exchange on 27 March
Hany Rashwan recently sent a tweet highlighting the increased daily trading volume of the cryptocurrency based ETP on Six Exchange. Rashwan’s Tweet: