CoinShares to launch a physically backed XRP ETP

The crypto asset manager CoinShares announced the launch of an exchange-traded product (ETP) based on 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.

XRPL is CoinShares’ second product launch of Q2, providing investors exposure to $XRP. https://t.co/ubFQODlNnA

— CoinShares 👩‍🚀 (@CoinSharesCo) April 13, 2021

Each share of CoinShares Physical XRP is physically backed by 40 XRP.

Initially, the ETP under the ticker XRPL will be listed on Switzerland’s largest stock exchange, SIX Swiss Exchange, with an annual management fee of 1.5%.

XRPL has become the eighth investment product launched by the British company. Four of them were launched this year.

CoinShares emphasised that all products were created in response to client demand.

At the beginning of April, the firm launched a Litecoin-based ETP with cryptocurrency backing. 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 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

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 👩‍🚀 (@CoinSharesCo) April 13, 2021

“The macroeconomic landscape has changed markedly over the past twelve months, and there is a broad global rotation of assets. With wealth totaling $400 trillion and $2 trillion in crypto markets last year, there has been a sharp shift in the appetite of retail and institutional investors toward Bitcoin and other digital assets,” noted CoinShares CEO Jean-Marie Mognetti.

The company, together with 3iQ Corp, plans to launch a Bitcoin-based exchange-traded fund (ETF) in Canada. Previously, the country was the first in the world to approve such a product. Brazil later followed Canada’s example.