Digital Currency Revolution Series: Swiss Stock Exchange (SIX) to Unveil Ripple Based- ETP

We reported that the Swiss stock exchange operator, SIX Group, considered R3’s Corda Enterprise platform as the background technology for the crypto-asset trading, settlement, and custodian services.

SIX has now announced that a cryptocurrency-based exchange-traded product (ETP), Amun Ripple XRP or (AXRP), would be launched. This is going to be the first ever XRP ETP, and the ETP product would track XRP’s valuation. And these ETPs were to be approved and monitored by the Federal Financial Market Supervisory Authority (FINMA), Switzerland’s market regulator.

Amun’s keenness in unveiling the XRP ETP has actually been speculated 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.

SIX has recently divulged about its plans of choosing blockchain-driven Corda Enterprise. The news came in as the chief digital officer at SIX Digital Exchange (SDX), Sven Roth mentioned the fact that Corda spans other areas beyond capital markets such as insurance and stretches to things like identity also was a factor. 

Spiking volume in Swiss Bitcoin ETP: Bitcoin exchange-traded product (ETP) with the HODL ticker offered by Amun Crypto was all set to begin trading on Switzerland’s SIX Exchange.

While the ETP represents an abundantly collateralized and non-interest-paying bearer debt security, which is issued as security and traded and redeemed in the same structure.

Nevertheless, notably, there has been a difference between an ETP and an ETF. The former is not subjected to the Collective Investment Schemes Act (CISA) and is, therefore, not supervised by FINMA.

Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 156 (which is highly bullish), hourly USD is at 80 (bullish) while articulating at (13:50 GMT). 

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex