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CoinShares unveils ripple ETP

CoinShares unveils ripple ETP
Written by publisher team

XRPL will be CoinShares’ fourth launch of 2021 so far

CoinShares has launched a Ripple Exchange Traded Product (ETP), which is the fourth physical crypto ETP product this year.

CoinShares Physical XRP (XRPL) will be listed on the SIX Swiss Exchange with an overall spend ratio (TER) of 1.50%.

XRPL aims to virtually replicate the performance of the ripple (XRP) with every unit of ETF backed by 40 XRP at launch.

“Once we determine that a professional-caliber product is feasible, and there appears to be a demand to create a liquidity market to trade the product, we make the product pay off,” said Townsend Lansing, Head of ETPs at CoinShares.

Frank Spitteri (in the picture)CoinShares, Director of Revenue, added:The digital asset ecosystem is vast and still growing by leaps and bounds.

“As we continue to diversify our product offerings in 2021, we are focused on providing investment exposure to those assets and networks that resonate most with our European client base.”

Despite gaining momentum along with other cryptocurrencies in 2020, XRP faced controversy early in the year with the Securities and Exchange Commission (SEC) claiming that Ripple was a security rather than a currency.

Accordingly, the regulator has filed a lawsuit against the creator of XRP for illegally marketing the crypto-asset to retail investors and failing to provide consumers with necessary information about the risks involved.

While this news saw 21Shares remove XRP from the holdings of the Generalized 21Shares Crypto Basket ETP (HODL), the asset recorded a bumper start to 2021.

After declining 65% in the four weeks to December 29, 2020, the value of XRP increased from $0.2 to $1.7 between December 29 and April 13.

Seeking to showcase exposure to cryptocurrencies that are enjoying increased support, XRPL has become CoinShares’ eighth product. The new ETP also comes on the heels of the recent launch of the company’s Litecoin strategy, CoinShares Physical Litecoin (LITE), on April 6.

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