CoinShares Europe’s largest digital asset investment firm, has launch of a new ETP – CoinShares Physical XRP (XRPL)
One of the reasons for the XRP price to reach as high as $ 1.8 is probably due to the London-based crypto regulator CoinShares announced the launch of a new XRP-ETP product.
As we continue to diversify our product offering, we are focused on providing exposure to those assets that resonate most with our client base.
— CoinShares 👩🚀 (@CoinSharesCo) April 13, 2021
The SIX Swiss Exchange will list an exchange-traded product (ETP) backed by XRP
It is known that this new XRP controversial cryptocurrency swap-trading product will be traded on SIX, the world’s third-largest stock exchange with a total market cap of more than $ 1.6. thousands of billions. Users can find this product under the name XRPL.
Each unit representing 40 XRP tokens is currently worth around $ 68. XRP ETP’s base fee is set at 1.5% per year.
This April, CoinShares, Europe’s largest asset manager, launched a similar product for Litecoin. Earlier this year, the company also introduced ETPs powered by Bitcoin and Ethereum.
The launch of CoinShares’ XRP product comes after multiple exchanges decided to delist XRP due to a lawsuit against Ripple company by the US Securities and Exchange Commission.
Bitwise removed XRP from its index fund the next day after the lawsuit was announced. Grayscale – the largest crypto asset management firm – dissolved the XRP Trust in mid-January in response to SEC action.
Despite regulatory troubles in the US, XRP continues to trade on a variety of global exchanges such as Binance and Huobi, setting new volume records. Swiss Lykke is by far the only exchange to accept the #RelistXRP movement.
You can see the XRP price here.
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