thecryptobasic.com
CoinShares, a major British cryptocurrency investment company, has announced it plans to list XRP (Ripple) exchange-traded fund (ETP) on the SIX Swiss Exchange.
This ETP product will be listed as a ticker symbol called “XRPL”. The listing date is not specifically mentioned. XRPL will initially be listed on the regulated SIX Swiss Exchange. Each unit of XRPL is backed with 40.0 XRP at launch, providing investors with passive exposure to XRP.
As we continue to diversify our product offering, we are focused on providing exposure to those assets that resonate most with our client base.
XRPL is CoinShares' second product launch of Q2, providing investors exposure to $XRP. https://t.co/ubFQODlNnA
— CoinShares 👩🚀 (@CoinSharesCo) April 13, 2021
CoinShares is Europe’s largest cryptocurrency investment company, managing crypto assets worth about 5.4 Billion USD. Few days before Litecoin ETP was announced.
Read details: CoinShares Launches Physically Backed Litecoin ETP
This is not the first time XRP ETP product will be launched. In 2019, Amun AG of Switzerland launched an ETP called “AXRP”.
Coinshares XRP ETP Details:
- Product Name: CoinShares Physical XRP
- ISIN: GB00BLD4ZN31
- Ticker: XRPL
- Base Currency: USD
Head of Product Townsend Lansing commented:
“We excited are bring XRP to our physically-backed ETP platform. 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.”
CoinShares is Europe’s largest digital asset investment house, managing billions of assets on behalf of a global client base. CoinShares’ investment products provide exposure to Bitcoin (BTC), Ethereum (ETH) and now, Litecoin (LTC) and are available to eligible institutional and individual investors throughout Europe.
In January 2021, CoinShares released the first such bitcoin-based product. The tool received the ticker BITC.
CoinShares is believed to have announced the launch of XRP ETP as a global asset in compliance with national regulatory policies.