New XRP ETP Goes Live on Three European Exchanges
Leading digital asset manager WisdomTree has launched a new exchange-traded product (ETP) for XRP on three major European exchanges. Named the Wisdomtree Physical XRP (XRPW), this product offers investors secure and physically-backed exposure to the sixth-largest cryptocurrency by market cap. The asset management firm has introduced the product on the Six Swiss Exchange, Euronext, and Deutsche Börse Xetra. Notably, the XRP ETP is fully backed by the XRPL native token and has a management expense ratio of 0.5%. The announcement states that the XRP tokens backing the ETP are stored using a dual custody model, with regulated custodians and cold storage.
WisdomTree Crypto Offerings
WisdomTree claims that XRPW offers the most competitive price for XRP exposure in Europe. With its launch, XRPW joins a portfolio of nine crypto ETPs offered by WisdomTree. Some of the company’s crypto ETPs are tied to assets such as Ethereum, Bitcoin, and Solana. WisdomTree’s crypto ETPs are available in several European countries, including Poland, Spain, France, Ireland, Belgium, and Denmark. This wide availability increases the likelihood of XRPW being launched on more European-based exchanges.
Growing Institutional Interest in XRP
This recent development highlights the increasing institutional interest in investment products related to XRP. Several asset managers have shown interest in XRP, particularly in the United States, where XRP is involved in a lawsuit between the SEC and Ripple. In the past month alone, at least four asset managers have applied to launch investment products for XRP in the U.S. For instance, Bitwise has submitted two applications, one to convert its multi-asset crypto fund containing XRP into an ETP and another to launch an ETF exclusively linked to XRP. Grayscale has made a similar move by applying to convert its XRP-related Digital Large Cap Fund (GDLC) into an ETF. Moreover, Grayscale has reintroduced the XRP Trust, providing accredited investors with direct exposure to XRP. Furthermore, Canary Capital and 21Shares have submitted separate filings for XRP ETFs.
Despite the ongoing Ripple lawsuit, most fund managers, especially Bitwise, are confident that the SEC will approve their applications. Additionally, the potential resignation of Gary Gensler as SEC chairman and the potential appointment of a pro-crypto chairperson further increase the chances of an XRP ETF launch.
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