Alternative Investments/Digital: CoinShares Launches XRP ETP On SIX Swiss Exchange

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The launch comes days after CoinShares celebrated $5 billion of assets under management.

CoinShares, the largest digital asset manager in Europe, announced the launch of CoinShares Physical XRP (XRPL), its latest exchange-traded product (ETP).

XRPL provides investors exposure to the XRP cryptocurrency and the native token unit of the Ripple network. Each unit of XRPL is physically backed at launch by 40.0 XRP. (CISION PR Newswire)

CoinShares Physical XRP

The ETP will initially trade on the SIX Swiss Exchange and features a base fee of 1.50%. It is CoinShares’ eighth investment product and its fourth new product launch in 2021.

It previously launched ETPs for bitcoin, litecoin, and ethereum in 2021.

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-caliber 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.”

Chief Revenue Officer Frank Spiteri commented: “The digital asset ecosystem is vast and still growing at breakneck speed.  As we continue to diversify our product offering in 2021, we are focused on providing investment exposure to those assets and networks that resonate most with our European client base.  XRPL is CoinShares’ second product launch of Q2, and we’re looking forward to building on this momentum in the months ahead.”

XRP’s legal travails

In December, the SEC charged that Ripple and two of its executives, Chris Larsen and CEO Brad Garlinghouse, violated US securities laws by selling about $1.3 billion worth of XRP since 2013.

In the view of the  US Securities and Exchange Commission Ripple’s distributions of XRP constituted investment contracts and were subject to registration under the Securities Act of 1933.

As a result of the SEC’s suit, XRP’s value plunged and a number of crypto exchanges delisted the cryptocurrency.

Even Grayscale Investments removed the cryptocurrency from the portfolio of the Grayscale Digital Large Cap Fund. It used the sale proceeds to purchase Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, the other components of the fund.

However, there have been some positive developments since and XRP has bounced back from a post-SEC low of $0.20 to about $1.70.

Related Story:  XRP Makes A Comeback As Ripple Gains Legal Headway

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