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New XRP ETP Goes Live on Three European Exchanges
New XRP ETP Goes Live on Three European Exchanges
November 22, 2024
XRP
Leading digital asset manager WisdomTree has launched a new exchange-traded product (ETP) for XRP across three major European exchanges. Dubbed the Wisdomtree Physical XRP (XRPW), the product provides investors with secure and physically-backed exposure to the sixth-largest cryptocurrency by market capitalization. The asset management firm introduced the product on three European exchanges, including Six Swiss Exchange, Euronext, and Deutsche Börse Xetra. Notably, the XRP ETP is fully backed by the XRPL native token and features a management expense ratio of 0.5%. According to an announcement, the XRP tokens backing the ETP are stored using a dual custody model that incorporates regulated custodians and cold storage.
WisdomTree Crypto Offerings
The company claimed that XRPW offers the most competitive pricing for XRP exposure in Europe. With its launch, XRPW joins a portfolio of nine crypto ETPs offered by WisdomTree. Some of the company’s crypto ETPs are linked to assets such as Ethereum, Bitcoin, and Solana. WisdomTree’s crypto ETPs are available in multiple European countries, including Poland, Spain, France, Ireland, Belgium, and Denmark. This extensive availability increases the likelihood of XRPW being launched on additional European-based exchanges.
Growing Institutional Interest in XRP
This recent development underscores the growing institutional interest in investment products associated with XRP. Several asset managers have recently expressed interest in XRP. Interestingly, this trend has been observed in the United States, where XRP is currently involved in a lawsuit between the SEC and Ripple. Since last month, at least four asset managers have applied to launch investment products for XRP in the U.S.
In particular, Bitwise submitted two applications, seeking to convert its multi-asset crypto fund containing XRP into an ETP and to launch an ETF exclusively linked to XRP. Grayscale made a similar move by applying to convert its XRP-related Digital Large Cap Fund (GDLC) into an ETF. This application follows Grayscale’s reintroduction of the XRP Trust, which offers accredited investors direct exposure to XRP. Furthermore, Canary Capital and 21Shares have submitted separate filings for XRP ETFs.
Despite the fact that the Ripple lawsuit is moving to appeal, most fund managers, particularly Bitwise, are confident that the SEC will approve their applications. Additionally, Gary Gensler’s plans to resign as SEC chairman and the potential appointment of a pro-crypto chairperson further enhance the prospects for the launch of an XRP ETF.
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