An XRP exchange-traded product (ETP) has been launched on Nasdaq Stockholm, the primary stock exchange in the Nordic region. In an official announcement on Tuesday, Swedish digital asset manager Virtune unveiled its Virtune XRP ETP on Nasdaq Stockholm. This new ETP aims to provide investors with exposure to the performance of XRP, currently ranked as the seventh-largest cryptocurrency with a market valuation exceeding $26.63 billion.
The Virtune XRP ETP, fully collateralized and backed entirely by physical XRP tokens, has chosen leading U.S. exchange Coinbase as its custodian for the XRP reserve. Trading under the ticker VIRXRP, this investment product debuted on July 2, denominated in Swedish kronor (SEK), and is available through platforms like Avanza and Nordnet, catering specifically to the Nordic market.
Investors utilizing this product will incur an annual management fee of 1.49%, as disclosed in the press release. The XRP ETP is accessible to both retail and institutional investors through various banks and brokerage firms. This initiative positions Virtune alongside other asset managers creating investment avenues for XRP outside the United States, joining counterparts like Valour, which launched an XRP ETP on the Nordic Growth Market in February, and 21Shares, which has listed an XRP ETP for the past five years.
Virtune highlighted XRP’s distinctive utility as a cryptocurrency optimized for efficient and swift cross-border payments in its announcement. It emphasized XRP’s capability to process transactions within seconds, distinguishing it from conventional banking systems. Virtune also underscored XRP’s robust community support and its endorsement by Ripple, a leading American fintech firm.
Christopher Kock, CEO of Virtune, expressed his satisfaction with meeting the increasing demand from investors for a secure XRP investment vehicle. However, readers are advised that this content serves informational purposes only and does not constitute financial advice. Potential investors are encouraged to conduct thorough research before making any investment decisions, with The Crypto Basic’s opinion not reflecting the views expressed in this article.