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Amun Ripple XRP [AXRP] backed ETP to be launched on April 2, says Swiss exchange SIX

Biraajmaan Tamuly



Amun Ripple XRP [AXRP] backed ETP to be launched on April 2, says Swiss exchange SIX
Source: Pixabay

SIX, a major Switzerland’s stock exchange, declared on their official website that a cryptocurrency-based exchange-traded product [ETP], Amun Ripple XRP or [AXRP], will be launched on April 2, 2019.

XRP’s valuation would be tracked by the ETP and it would make the aforementioned product the first ever XRP ETP.

Harry Rashwan, the Co-founder of Amun AG, recently briefed Coindesk that the firm had received approval from SIX to issue an XRP-backed ETP. These ETPs were to be approved and monitored by the Federal Financial Market Supervisory Authority (FINMA), Switzerland’s market regulator.

The firm previously managed Ethereum [ETH] and Bitcoin [BTC] ETPs under the name of AETH and ABTC.

He stated,

“We can comfortably say that we expect to release the world’s first XRP ETP within the next two months.”

The company already has the permission to issue ETPs linked to the likes of Bitcoin Cash [BCH], Litecoin, [LTC], Stellar Lumens [XLM] and EOS. However, Rashwan specifically mentioned that the launch would depend on buyer’s interest.

Amun’s interest in launching the XRP ETP was speculated to be due to a recent $4 million seed round, which was led by Graham Tuckwell, the first person to set up an ETF which tracked the valuation of gold.

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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind




XRP TipBot goes online after a tiny downtime
Source: Unsplash

XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”

A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.

Wind tweeted,

XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.

After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.

The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.

This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.

XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.

SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.

Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.

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