XRP Exchange-Traded Product Lauched on Leading Swiss Stock Exchange

SIX has been among the most cryptocurrency-friendly stock exchanges in the world. With plans to launch its own security token this year and move its platform to blockchain technology, it has now unveiled a financial product pegged to XRP. Amun Ripple XRP (AXRP) is an exchange-traded product (ETP) which will be based on XRP and traded on the SIX Swiss Exchange. Its current Bloomberg ticker is AXRPSE and it announced its first day of trading on April 2. The ETP was approved and will be monitored by the Federal Financial Market Supervisory Authority of Switzerland. The goal of AXRP is to make traditional investors familiar with cryptocurrencies. That’s why AXRP is similar to purchasing a stock with the regulated and secure backing of the SIX Swiss Exchange. AXRP has a management fee of 2.5 percent with XRP being used as collateral. It’s like a traditional stock but tied to XRP. Believe it or not, SIX is set on expanding its cryptocurrency offerings this year to include most of the major coins and tokens. It is planning on launching exchange-traded products for not only XRP, but also ones pegged to Litecoin (LTC), Bitcoin Cash (BCH), EOS (EOS), and Stellar Lumens (XLM). The exchange says that investors can expect these financial packages before the year ends. All of this is gearing up towards SIX launching its own digital assets exchange this year which would make it one of the first big-name stock exchanges in the world to do so. Its security token offering this year will be the major push towards making this concept a reality. If SIX is successful in adopting its crypto-obsession to its platform, we could very well see many other stock exchanges enter the blockchain space very quickly. In short, a tidal wave may be coming. For now, SIX will have to run the XRP-based ETP and gauge investor interest before proceeding. Will stock markets in time adopt blockchain technology and maybe even trade cryptocurrencies? How do you see the future playing out? Let us know your thoughts below.

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