The XRP exchange-traded fund (ETF), managed by investment firm Grayscale, begins trading this November 24 on Wall Street, under the ticker GXRP.
This product was initially available to accredited investors before going public. like an ETF. According to what explained By the firm, the fund has a 0% management fee. The investment objective of GXRP is to reflect the value of the XRP held by the trust, net of expenses and other operating liabilities.
The launch joins an already growing list of investment products that have the cryptocurrency issued by Ripple as their underlying. The market previously had other funds based on this asset. For example, in mid-November an ETF issued by the firm Canary Capital debuted, and last week a similar product by Bitwise began operating, as reported by CriptoNoticias.
The expansion of supply on Wall Street coincides with a movement in the XRP market, whose price has registered an increase of 1.86% in the last 24 hours. However, this digital asset remains 45% below its all-time high of $3.65.
The hype around XRP does not stop, as other ETF proposals presented by high-caliber firms such as Franklin Templeton, 21Shares, CoinShares and WisdomTree are still waiting. The continuous arrival of these instruments to the regulated markets of the United States consolidates the trend of institutionalization of cryptocurrencies.