CoinShares launches physically backed ETP in XRP

by in Cryptocurrency News

XRP

CoinShares has announced the launch of an ETP powered by Ripple's XRP token.

Each CoinShares Physical XRP share is physically backed by 40 XRP.

Initially, the ETP under the ticker XRPL will be traded on the SIX Swiss Exchange, Switzerland's largest stock exchange, and will have a base commission of 1.5% per annum.

XRPL is the eighth investment product launched by a British company. Four of them appeared this year.

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CoinShares emphasized that all products were created in response to demand from the company's customers.

In early April, the firm launched a Litecoin-based ETP with physical backing in cryptocurrency. Previously, CoinShares offered investors access to Bitcoin and Ethereum through similar products.

On the eve of the launch of the fourth cryptocurrency ETP, the company announced that the total value of assets under management (AUM) had reached $ 5 billion.

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“The macroeconomic landscape has changed dramatically over the past twelve months and there is massive global asset rotation. With an accumulated wealth of $ 400 trillion and $ 2 trillion in crypto markets, there has been a dramatic shift in the appetite of retail and institutional investors for bitcoin and other digital assets last year, ”said CoinShares CEO Jean-Marie Mognetti.

Together with 3iQ Corp, plans to launch an exchange-traded investment fund (ETF) based on bitcoin in Canada. Previously, this country was the first in the world to approve such a product. Brazil later followed Canada's example.