Grayscale has launched the United States’ first Ripple Trust Fund. The product would provide accredited investors with direct exposure to XRP, the digital token that powers the XRP Ledger. The trust offers a new opportunity for market investors to invest in XRP.
Grayscale has continued to expand its crypto market presence. Grayscale’s product adds to its growing list of crypto investment options. Following the news, Ripple’s price surged by 5.2%, reaching a multi-week high of $0.56.
The launch created speculations of an XRP ETF, which could help boost the token’s prices. Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, underscored the Trust’s significance by emphasizing Ripple’s real-world usefulness. She said:
“By facilitating cross-border payments that take just seconds to complete, XRP has the potential to transform the legacy financial infrastructure.”
The Trust is open to daily subscriptions from eligible individual and accredited institutional investors. This launch follows Grayscale’s recent rollout of single-asset trusts for MakerDAO, Bittensor, SUI, and other projects over the last two months.
The entity has previously converted its Bitcoin and Ethereum Trusts into ETFs. As such, Ripple enthusiasts argue that the asset manager might be planning to do the same with XRP.
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