SIX Exchange May List XRP Exchange-Traded Product in Two Months

Switzerland's primary stock exchange SIX could soon list another cryptocurrency-based exchange-traded product, which will track the price of XRP, the third largest crypto asset by market capitalization.

"We can comfortably say that we expect to release the world's first XRP ETP within the next two months."

Rashwan said that Amun has also obtained clearance to issue ETPs linked to four more single crypto assets, including bitcoin cash, litecoin, stellar lumens and EOS. While the exact time to launch these products is not yet fully finalized, and will based on buyer interest, he said the firm plans to list all the eligible and approved crypto ETPs on SIX by the end of this year.

The SIX exchange listed its first ETP that tracks a basket of the top weighted crypto assets in November 2018.

Since its listing, the total monthly trading volume for HODL has taken over that of XETC - an ETP that tracks crude oil - and became the top traded ETP on SIX in December and January, according to data provided by the SIX exchange.

In the past few weeks, Amun has also issued bitcoin and ethereum ETPs on the SIX exchange.

Amun stores its collateral with Kingdom Trust, a custodian for both traditional and crypto assets registered with the Securities Exchange Commission in the U.S., and is planning to add more custodians in different jurisdictions as it plans to list more crypto ETPs.

The goal is to allow both itself and third parties to tokenize both crypto ETPs and traditional ETPs, such as those that track gold, so that the tokens can be traded on securities token exchanges.

Currently, the SIX also building its own digital exchange in a bid to use distributed ledger technology to speed up settlements and trade tokenized assets.

"I don't think we will have a real licensed and regulated securities token exchange with a professional partner in a reputable country until late this year or early next year - that's my guess. But when that happens, we will be ready with three to five tokenized ETPs, including our own and others'."