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Grayscale Investments has announced the latest product in its portfolio of over 20 crypto investment products and it will track the performance of Ripple’s native token – XRP.
Eligible individual and institutional accredited investors have the option for daily subscriptions from today.
The announcement from Grayscale described XRP’s token as the asset “powering the XRP Ledger (XRPL), a distributed peer-to-peer network created to facilitate cross-border financial transactions.”
“We believe Grayscale XRP Trust gives investors exposure to a protocol with an important real-world use case. By facilitating cross-border payments that take just seconds to complete, XRP has the potential to transform the legacy financial infrastructure.”- said Grayscale’s Head of Product and Research, Rayhaneh Sharif-Askary..
Grayscale, founded over a decade ago, already has two of its products converted into spot exchange-traded funds. Namely, those are the former private Trusts tracking Bitcoin and Ethereum. However, both have seen a massive exodus of capital after their conversion in January and July, respectively.
XRP’s price reacted immediately to the news. The token soared by over 6% within an hour and jumped from under $0.54 to roughly $0.57.
You can review some of the most bullish price forecasts for XRP – here.