A renowned technology firm has proclaimed its intention to introduce an XRP ETP in the European market starting early next month.

DeFi Technologies, a prominent crypto company at the forefront of bridging traditional capital markets with decentralized finance, has disclosed the imminent launch of an XRP exchange-traded product (ETP).

This development was captured in a press statement today. According to the report, DeFi Technologies is launching an XRP ETP through its subsidiary, Valour Inc. Valour is renowned as a leading ETP issuer facilitating simplified access to investment vehicles tracking digital assets.

New XRP ETP Launching in Europe

Per the notification, Valour is set to introduce the XRP ETP on a European exchange in the early days of December 2023. Furthermore, the report noted that the XRP ETP investment vehicle would empower investors, enabling them to gain exposure to XRP seamlessly and securely through their respective banks or brokerage services.

In parallel, DeFi Technologies spotlighted the position of XRP in the crypto market. It noted that XRP boasts a substantial market valuation of $31.6 billion, ranking as the fifth-largest cryptocurrency globally.

Expressing enthusiasm about this development, Marco Infuso, Chief Sales Officer of Valour, remarked:

“The introduction of the XRP ETPs by Valour is a significant expansion of our product offerings. Adding XRP to our suite of products caters to the growing demand for diverse digital asset investments in European markets.”

Also, the XRP ETP announcement highlighted XRP’s role in enabling swift and cost-effective international money transfers. It mentioned that within the RippleNet framework, XRP acts as a bridge currency, facilitating smooth currency exchanges on a global scale.

It is worth mentioning that Valour’s current product lineup encompasses other cryptocurrencies such as Cardano (ADA), Solana (SOL), Avalanche (AVAX), and Binance (BNB). According to the report, Bitcoin and Ethereum make up Valour’s flagship offerings.

Notably, Valour expressed its dedication to advancing product innovation and development. It hinted at plans to introduce additional ETPs backed by traditional assets and physical holdings in the months ahead.

With this announcement, Valour joins the ranks of other prominent financial institutions, such as the Swiss Stock Exchange, in offering XRP ETP. On the other hand, crypto market participants from the United States continue to long for a spot-based XRP ETF filing amid filings for BTC and ETH ETFs.