CoinShares is Launching an XRP ETP (XRPL) as the Digital Asset Nears $2

CoinShares is Launching an XRP ETP (XRPL) as the Digital Asset Nears $2

Digital asset manager CoinShares is launching an exchange-traded product for XRP, CoinShares Physical XRP (Ticker: XRPL).

The decision to go with the fourth-largest digital asset was to provide “exposure to those assets that resonate most with our client base,” said the company.

Europe’s largest digital asset investment firm announced the launch of XRPL on Tuesday, which is its eighth investment product. The firm already provides exposure to Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). BTC 5.98% Bitcoin / USD BTCUSD $ 63,647.18
Volume 70.07 b Change $3,806.10 Open $63,647.18 Circulating 18.68 m Market Cap 1.19 t
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LTC 8.45% Litecoin / USD LTCUSD $ 267.89
Volume 6.91 b Change $22.64 Open $267.89 Circulating 66.75 m Market Cap 17.88 b
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Built using CoinShares’ institutional-grade ETP platform, each unit of XRPL is backed by 40 XRP at launch.

As of writing, one XRP is worth $1.73, up 600% YTD. The crypto asset has been struggling (except in South Korea) while its peers went on to have a massive rally up until this month. XRP is still down 49.5% from its ATH, as per CoinGecko.

The product with a base fee of 150% p.a. will be listed on the regulated SIX Swiss Exchange.

“We are excited to bring XRP to our physically-backed ETF platform,” said Townsend Lansing, Head of Product.

“At CoinShares, we build innovative products in response to demand from our clients. Once we determine that a professional-calibre product is feasible, and it appears that demand exists to make a liquid market for trading the product, we bring the product to fruition leveraging the extensive trading, custody, and compliance capabilities of the CoinShares Group.”

Amidst the ongoing bull market, CoinShares’ assets under management have reached $5 billion. The firm was publicly listed just earlier last month.

Ripple is currently fighting a lawsuit from the US SEC for allegedly selling unregistered securities, which led the crypto service providers to stop offering XRP to their US customers. In this legal battle, Ripple was granted access to internal SEC communications last week. SEC has been denied the request that required Ripple executives to hand over their financial statements.

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Author: AnTy

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