Tuesday, October 4, 2022
HomeAltcoins21Shares introduces an “Exchange-Traded Product” on the SIX Swiss Exchange

21Shares introduces an “Exchange-Traded Product” on the SIX Swiss Exchange

The Swiss-based 21Shares AG, known as a pioneer in the issuing of cryptocurrency exchange-traded products (ETPs), has announced the launch of a $XRP ETP in Swiss francs (CHF) on the SIX Swiss Exchange. The exchange mainly deals with Swiss government bonds and derivatives such as stock options. The SIX Group owns the exchange, which is an “unlisted public limited company controlled by 122 banks or financial institutions.”

The product they launched charges a management fee of 2.5 percent and is already listed on a number of other exchanges, including the Boerse Stuttgart, Euronext Amsterdam, and Euronext Paris. According to CryptoCompare’s February 2022 Asset Report, it controlled 76.7 million XRP and had close to $55 million in assets under management.

Notably, it is not the only ETP that tracks the value of XRP. CoinShares launched its CoinShars Physical XRP (XRPL) product last year, which is listed on the SIX Swiss Exchange and has a 1.5 percent total expense ratio. The product aims to replicate the cryptoasset’s performance, with each unit initially backed by 40 tokens. According to the company, ETPs are different from exchange-traded funds (ETFs) in that they are “debt securities issued by a Special Purpose Vehicle (SPV).”

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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