The first known exchange-traded product (ETP) designed to track XRP went live on the SIX Swiss Exchange Tuesday morning.
It has been launched by Swiss fintech firm Amun AG; the startup behind the first listed crypto index product that tracks the 5 largest coins - including XRP. The firm explained the appeal for single asset ETPs like XRP solves "security and custody issues, with a professional and well-structured package," having already launched bitcoin and ethereum ETPs.
As for choosing Ripple, they explained that they "do not make personal biases towards any crypto asset, so long as there is sufficient liquidity, good development records, and no nefarious activity." It added that it planned to have "6-8 additional launches this year", with demand for its index exchange-traded security surpassing expectations.