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 0.50% Bitcoin / USD BTCUSD $ 21,428.82
$107.140.50% Volume 18.46 b Change $107.14 Open $21,428.82 Circulating 19.08 m Market Cap 408.8 b 5 mon SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 5 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 5 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum ETH 0.91% Ethereum / USD ETHUSD $ 1,241.76
$11.300.91% Volume 12.64 b Change $11.30 Open $1,241.76 Circulating 121.3 m Market Cap 150.63 b 5 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 5 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 5 mon The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022 LTC 4.65% Litecoin / USD LTCUSD $ 58.79
$2.734.65% Volume 559.25 m Change $2.73 Open $58.79 Circulating 70.58 m Market Cap 4.15 b 6 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 6 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 6 mon Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card
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.