21SharesAG, based in Switzerland, is considered one of the pioneers in issuing cryptocurrency exchange products (ETPs) and has announced that it will launch $ XRPETP in Swiss francs (CHF) on the SIX Swiss Exchange. ..
The SIX Swiss Exchange is headquartered in Zurich and is the leading Swiss Stock Exchange. We trade other securities such as Swiss government bonds and derivatives such as stock options. This exchange is owned by the SIX Group, an “unlisted public limited company controlled by 122 banks or financial institutions.”
21Shares Ripple XRP ETP, a physically backed XRP ETP for 21Shares, is advertised as “the world’s first Ripple ETP” and is traded under Ticker AXRP. This is intended to track the investment results of XRP minus fees, and each share of ETP contains 30.11650072XRP.
The management fee for this product is 2.5% and it is already listed on many other exchanges such as Berzestuttgart, Euronext Amsterdam and Euronext Paris. According to CryptoCompare’s February 2022 Asset Report, it owns 76.7 million XRP and has nearly $ 55 million in assets under management.
In particular, this is not the only ETP that tracks the value of XRP. Last year, CoinShares launched the CoinShars Physical XRP (XRPL) product. It is listed on the SIX Swiss Exchange and has a total cost ratio of 1.5%. This product aims to reproduce the performance of crypto assets, and each unit is backed up with 40 tokens at startup.
21Shares’ expansion of AXRP will bring seven new products on the exchange, including the “world’s first physically supported” ETP for Cardano ($ ADA), Solana ($ SOL), and Polkadot ($ DOT). It was realized by the release. The company states that ETPs, unlike exchange-traded funds (ETFs), are “debt securities issued by special purpose vehicles (SPVs) instead.”
The expansion of this product was after Hester Peirce, a member of the U.S. Securities and Exchange Commission (SEC), suggested that he believed that regulators would not get the results they were seeking in a proceeding against Ripple over XRP tokens. It is also a report.
The SEC’s proceedings against Ripple and two of its executives claim that they “raised more than $ 1.3 billion through the ongoing provision of unregistered digital asset securities.” After the proceedings were announced, most cryptocurrency exchanges began delisting tokens to avoid the impact, affecting their liquidity and thus negatively impacting the price of XRP.
Fox Business journalist Eleanor Terret quoted an anonymous source close to the SEC and said Perth personally stated that he believed the SEC would not have a favorable outcome from the proceedings. rice field.
Ripple’s lawyer, according to Legal expert Jeremy Hogan hopes the proceedings will end between August 26th and November 18th this year.
Disclaimer
The views and opinions expressed by the author or those mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading crypto assets carries the risk of financial loss.
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