CoinShares launches XRP ETP
CoinShares Europe's largest digital asset investment firm, has launched a new exchange traded product, CoinShares Physical XRP (XRPL).
XRPL is CoinShares’ eighth investment product and its fourth new product launch in 2021.
XRPL has been built using CoinShares' institutional-grade ETP platform, CoinShares Physical. Each unit of XRPL is backed with 40.0 XRP at launch, providing investors with passive exposure to XRP – the native token unit on the Ripple network.
Head of Product Townsend Lansing says: "We excited are bring XRP to our physically-backed ETP platform. At CoinShares, we build innovative products in response to demand from our clients. Once we determine that a professional-calibre product is feasible, and it appears that demand exists to make a liquid market for trading the product, we bring the product to fruition leveraging the extensive trading, custody, and compliance capabilities of the CoinShares Group.”
Chief Revenue Officer Frank Spiteri says: “The digital asset ecosystem is vast and still growing at breakneck speed. As we continue to diversify our product offering in 2021, we are focused on providing investment exposure to those assets and networks that resonate most with our European client base. XRPL is CoinShares’ second product launch of Q2, and we’re looking forward to building on this momentum in the months ahead.”