Institutional

Amun AG raises $4M; prepares to launch XRP index product

March 11, 2019, 6:14AM EDT

Amun AG, the crypto startup behind the world’s first listed crypto index product, announced today that is has raised a $4 million seed round led by Graham Tuckwell, the first person to set up an exchange-traded fund tracking the price of gold.

Amun AG tells The Block that it plans to list an XRP ETP next which will trade under the ticker AXRP, with plans to list eight additional products in 2019. Additionally, Amun AG will release Onyx, a security token issuance platform by year's end. With Onyx, clients can issue “tokenized ETF and smart securities.” The firm has already signed on its first third-party client who will use Onyx to issue an ETF this summer.

Amun AG is most well-known for its Amun Crypto Basket ETP (ticker: HODL) which began trading on the Six Swiss Exchange in November 2018. Since then, the startup has issued ETPs for Ethereum and Bitcoin, which trade under ticker symbols AETH and ABTC, respectively.

According to data from the Six Swiss Exchange, the Amun Crypto Basket ETP is the most traded ETP by volume. However, those volumes are minuscule compared to larger exchange-traded products in the U.S. The SPDR Gold Shares ETF, for instance, has an average daily trading volume of $989 million, according to ETF.com.