21Shares Launches World’s First Physically-Backed XRP Exchange-Traded Product (ETP) on SIX Swiss Exchange

21Shares AG, a Switzerland-based issuance of crypto exchange-traded products (ETPs), has recently announced the launch of an XRP ETP in Swiss francs (CHF) on the SIX Swiss Exchange.

Switzerland’s main stock exchange, the SIX Swiss is situated in Zurich. It trades other securities such as Swiss government bonds and derivatives such as stock options.

21Shares tweeted, “New Listings From today, seven 21Shares ETPs are available in CHF on the SIX Swiss Exchange Single Assets: Cardano, Polkadot, Ripple & Solana Indexes: HODL, HODLV, HODLX BONUS: Our Bitcoin ETP is now also available in JPY.”

21Shares’ physically-backed XRP ETP is touted as the world’s first XRP ETP and trades under the ticker AXRP. It aims to track the investment results of XRP minus fees, with each share of the ETP having 30.11650072 XRP in it.

The product has a 2.5% management fee and is already listed on a number of other exchanges, including the Boerse Stuttgart and Euronext Amsterdam, and Euronext Paris.

According to CryptoCompare’s February 2022 Asset Report, it held 76.7 million XRP in it, having assets under management close to $55 million.

21Shares’ expansion of AXRP came as it launched seven new products on the exchange, including the “world’s first physically-backed” ETPs for Cardano ($ADA), Solana ($SOL), and Polkadot ($DOT).

The firm pointed out that the ETPs differ from exchange-traded funds (ETFs).

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.