New York, Friday, September 13, 2024-Grayscale, a leading digital asset manager, launched an XRP Trust, offering investors exposure to the cryptocurrency XRP.
The trust will allow users to buy shares tracking XRP’s price but will function differently than Grayscale’s Bitcoin and Ethereum exchange-traded funds (ETFs). XRP, created by the founders of Ripple, aims to change cross-border payments.
Grayscale believes the XRP Trust has the potential to reshape financial infrastructure by providing exposure to a real-world use case.
XRP currently holds a market cap of $31.6 billion and trades at $0.56, with a 6% rise in the last 24 hours following the announcement, a report said.
The launch of this trust follows Grayscale’s recent success in converting its Bitcoin Trust into an ETF after a legal battle with the Securities and Exchange Commission (SEC).
This approval came in January 2024, after the U.S. Court of Appeals sided with Grayscale in its lawsuit against the SEC in 2023.
Grayscale has diversified its products, offering trusts for digital assets like Bitcoin Cash, Chainlink, and Avalanche, among others.
