CoinShares has launched an XRP ETP, its fourth physical crypto ETP this year, which will list on the SIX Swiss Exchange with a total expense ratio of 1.50%.
April 14, 2021 | AtoZ Markets – Digital asset management company CoinShares has announced the launch of an Exchange Traded Product (ETP) powered by Ripple’s XRP token.
As we continue to diversify our product offering, we are focused on providing exposure to those assets that resonate most with our client base.— CoinShares 👩🚀 (@CoinSharesCo) April 13, 2021
XRPL is CoinShares' second product launch of Q2, providing investors exposure to $XRP. https://t.co/ubFQODlNnA
Each CoinShares Physical XRP share is physically backed by 40 XRP.
Tthe ETP, under the ticker XRPL, will be traded on the regulated SIX Swiss Exchange, Switzerland’s largest stock exchange.
XRPL will be the fourth new product launched this year by the British company. In early April, the firm launched a Litecoin-based ETP with physical backing in cryptocurrency. Previously, CoinShares offered investors access to Bitcoin and Ethereum through similar products.
On the eve of the launch of the fourth cryptocurrency ETP, the company announced that the total value of assets under management (AUM) had reached $5 billion.
We are excited to celebrate an important milestone today – CoinShares crosses $5B in assets under management, and crypto markets pass the $2T mark— CoinShares 👩🚀 (@CoinSharesCo) April 13, 2021
Crypto is an asset class, and we are excited to be a part of its growth in markets across the globe. https://t.co/zJTdI4URLt
CoinShares emphasized that all products were created in response to demand from the company’s customers.
“The macroeconomic landscape has changed dramatically over the past twelve months and there is massive global asset rotation. With accumulated wealth of $400 trillion and $2 trillion in crypto markets, there has been a dramatic shift in the appetite of retail and institutional investors for bitcoin and other digital assets last year,” said CoinShares CEO Jean-Marie Mognetti.
Recall that the company, together with 3iQ Corp, plans to launch an exchange-traded investment fund (ETF) based on bitcoin in Canada. Previously, this country was the first in the world to approve such a product. Brazil later followed Canada’s example.
Think we missed something? Let us know in the comment section below.