- Amun AG raises $4 million in a round of funding
- Swiss-based cryptocurrency startup plans to list XRP index product on SIX exchange
- Amun AG also intends to launch Onyx, a platform for issuing security tokens
Amun AG, a Switzerland-based cryptocurrency company has raised $4 million in a seed round which was led by Graham Tuckwell. The company intends to list an XRP ETP under the ticker name AXRP on SIX stock exchange, according to a report by The Block on March 11, 2019.
Amun AG Raises $4 Million in Seed Round
Per the report, Amun AG revealed that they were able to raise $4 million in a seed round which was led by Graham Tuckwell, an Australian businessman who is reputably known as the first person to set up an Exchange Traded Fund (ETF) to track the price of gold.
In line with that, the company is geared to list an XRP ETP (Exchange Traded Product) under the Ticker name AXRP on SIX, a primary stock exchange also based in Switzerland.
XRP’s listing comes as good news to the cryptocurrency community and specifically, that of XRP due to the fact that an XRP-linked ETP will enable people to track the price of the virtual currency in real time.
Other than XRP, Amun has also made plans to release eight more products on SIX this year. Reportedly, some of these products will include litecoin (LTC), bitcoin cash (BCH), stellar lumens (XLM) and EOS.
Onyx Platform Will Launch in Late 2019
Furthermore, Onyx, a security token issuance platform will be launched towards the end of 2019. It will be used by Amun’s clients to issue smart securities and tokenized ETF. Already, a client has been signed to start using the platform by summer this year.
Amun AG, on the other hand, is a company that develops cryptocurrency exchange-traded index as well as products such as the Amun Crypto Basket Index, HODL5, synonymous to HODL, a slang that is used in the crypto space to encourage the holding of assets instead of their sell.
HODL5’s trade on SIX began in November 2018 and from that time till now, Amun has immensely contributed to the financial services market and notable among them, is the issuance of ETPs for Ethereum and Bitcoin.
Amun’s Crypto Basket ETP is the Most Traded ETP
SIX outlined that one of the most traded ETPs, determined by its trading volume is the Amun Crypto Basket ETP.
Nevertheless, they noted that its volume is smaller in comparison with exchange-traded products in the U.S. like the SPDR Gold Shares ETF which boasts of a daily volume of $989 million.
That aside, it is worthy of note that Ripple’s XRP will soon sit alongside existing products on the company’s ETP. The third most popular cryptocurrency based on its $12.9 billion market capitalization currently has a value of $0.31 which is a significant increment in price from what was obtainable days ago.
On March 10, XRP’s price spiked slightly, moving from its $0.30 price level to the $0.31 where it is currently trading at.