The cryptocurrency startup Amun AG is getting prepared to launch a new XRP index product. According to The Block, the startup has already raised $4 million in a seed round led by Graham Tuckwell. Mr. Tuckwell is the first person that set up an exchange-traded fund (ETF) related to the price of the precious metal.
Amun AG Could Soon Launch an XRP Index Product
Amun AG explained to the block that it has plans to list an XRP exchange traded product (ETP) that will be traded with the ticker AXRP. The company’s plan include to launch eight additional products throughout 2019.
It is also worth mentioning, that Amun AG informed that they will be launching a security token called Onyx. Clients can issue different tokenized ETF and smart securities using Onyx. The firm has already partnered with a third-party client to start using Onyx and issue an ETF as soon as this summer.
The firm is also known for the Amun Crypto Basket ETP that started to trade on the Six Swiss Exchange (SIX) back in November 2018. The fintech company has also released an ETP for Ethereum and another one for Bitcoin. These ETPs trade under ticker symbols AETH and ABTC.
According to data provided by the SIX exchange, the ETP launched by Amun AG has the largest volume among ETPs. Although this is very positive, there is still a long way before being able to reach the volumes of other ETPs around the world. For example, in the United States, the SPDR Gold Shares ETF, has a trading volume of $989 million.
XRP is the third largest digital asset in the market in terms of market capitalization. Each XRP can be purchased for $0.311 and it has a market capitalization of $12.9 billion.
The London Stock Exchange will be allowing investors to trade a new blockchain exchange traded fund. Starting today, the Invesco Elwood Global Blockchain ETF will allow investors to have access to the blockchain market, having exposure to a large selection of companies investing in distributed ledger technology (DLT).
The market has yet to see the approval of a Bitcoin ETF. During the last years, many proposals have been made but none of them was able to receive the approval of the U.S. Securities and Exchange Commission (SEC). Experts believe that in 2020, the SEC could eventually approve the first Bitcoin-related ETF in the market.