Grayscale has launched a new crypto investment trust fund for XRP, as announced in a Sept. 12 press release.
After the announcement, the value of XRP increased by 8%, reaching a multi-week high of $0.58, based on data from CryptoSlate.
XRP Trust
Grayscale explained that the XRP Trust functions similarly to its other single-asset investment trusts, with a specific focus on XRP, the token powering the Ripple-backed XRP Ledger (XRPL) blockchain.
Rayhaneh Sharif-Askary, Head of Product & Research at Grayscale, highlighted the importance of the Trust by emphasizing XRP’s real-world utility and its potential to revolutionize the traditional financial infrastructure through quick cross-border payments.
The Trust is open for daily subscriptions from eligible individual and institutional investors.
Furthermore, this launch follows Grayscale’s recent introduction of single-asset trusts for MakerDAO, Bittensor, SUI, and others over the past two months, expanding their crypto product suite beyond just Bitcoin and Ethereum Trusts that have recently been listed as ETFs.
XRP ETF
The XRP community speculates that the introduction of this product could pave the way for the SEC approval of an XRP ETF in the future, following the approval of ETFs related to Bitcoin and Ethereum earlier this year. However, regulatory and legal challenges pose obstacles to obtaining approval for an XRP ETF under the current conditions, as highlighted by experts.
For more insights on Grayscale’s XRP trust launch and the speculation surrounding an XRP ETF approval, check out the full article on CryptoSlate.
