Europe’s largest cryptoasset management company CoinShares has announced the imminent launch of a new exchange-traded product (ETP) on the SIX, based on XRP price.
The new product is called CoinShares Physical XRP and will be added to the SIX regulated Swiss exchange under the ticker XRPL. This is the fourth ETP from CoinShares this year – in February of this year, the company launched ETP on ETH, and on April 6, ETP on LTC was launched.
The XRPL was created using the CoinShares Physical platform, and each unit of the product will be backed by 40 XRP coins at launch. Thus, investors will be able to legally invest in Ripple’s cryptocurrency. CoinShares Chief Revenue Officer Frank Spiteri noted:
“The digital asset ecosystem continues to grow rapidly and we continue to expand our product portfolio. We are trying to provide our European clients with access to the most popular cryptocurrencies. ”
Recall that as of early April, CoinShares managed $ 5.1 billion in digital assets.This is the second result after the American firm Grayscale, which controls $ 46.1 billion in assets.
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