United for Profits
  • Personal Finance
  • Cryptocurrency
  • Strategy
  • Business
  • Retirement
  • Personal Finance
  • Cryptocurrency
  • Strategy
  • Business
  • Retirement
No Result
View All Result
United for Profits
No Result
View All Result
Home Cryptocurrency

Grayscale Unveils First XRP Trust In The US, ETF Ahead?

by
September 12, 2024
in Cryptocurrency
0
Grayscale Unveils First XRP Trust In The US, ETF Ahead?

Grayscale, a leading cryptocurrency asset manager, unveiled the first XRP trust in the US, propelling the token’s price by 8% to $0.57 at press time.

XRP Trust Announced, Is The XRP ETF Incoming?

Digital assets manager Grayscale today announced the launch of a closed-end XRP trust in the US, paving the way for institutional investors to gain exposure to the top 10 cryptocurrencies, an official announcement by Ripple confirms. 

Commenting on the development, Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, said:

We believe Grayscale XRP Trust gives investors exposure to a protocol with an important real-world use case. By facilitating cross-border payments that take just seconds to complete, XRP has the potential to transform the legacy financial infrastructure.

For the uninitiated, a closed-end trust differs from an exchange-traded fund (ETF) because it allows certain investors to gain exposure to the underlying asset with relatively fewer regulatory constraints. On the other hand, an ETF approval requires several checks from regulators – in this case, from the US Securities and Exchange Commission (SEC) before they are made available to investors.

That being said, it’s worth highlighting that an approved trust holds the potential to transform into an ETF with the required regulatory approvals. For example, Grayscale’s single-asset investment trusts – Bitcoin (BTC) and Ethereum (ETH) – were given the go-ahead to become ETFs earlier this year. 

As a result, it won’t be surprising to see an XRP ETF in the US sometime soon. The fact that Grayscale has published an intended four-phase product life cycle for its newly unveiled XRP trust further gives weight to the possibility of an XRP ETF shortly.

Interestingly, the XRP trust’s launch comes when its parent company, Ripple, is tackling multiple legal battles with the US SEC. XRP’s price following the announcement skyrocketed by 8%, currently at $0.57.

Featured image from Zebpay.com, Chart from Tradingview

Previous Post

Cardano Founder Charles Hoskinson Reveals Scalability Plans, ADA Community Remain Hedged With Play-2-Date Meme GoodEgg

Next Post

Add Uniwasp and New Gambling Coin At $0.0021 To Get The Best Of Both Worlds

Next Post
Add Uniwasp and New Gambling Coin At $0.0021 To Get The Best Of Both Worlds

Add Uniwasp and New Gambling Coin At $0.0021 To Get The Best Of Both Worlds

Exchange Rate

Exchange Rate USD: Tue, 8 Jul.

Enter Your Information Below To Receive Trading Ideas and Latest News

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
    • About Us
    • Contact Us
    • Privacy Policy
    • Terms & Conditions
    • Email Whitelisting

    Copyright © 2025 unitedforprofits.com All Rights Reserved.

    No Result
    View All Result
    • Personal Finance
    • Cryptocurrency
    • Strategy
    • Business
    • Retirement

    Copyright © 2025 unitedforprofits.com All Rights Reserved.