XRPL marks the fourth launch of CoinShares in 2021
CoinShares launched a Ripple Exchange Traded Product (ETP), the fourth physical crypto ETP this year.
The CoinShares Physical XRP (XRPL) is listed on the SIX Swiss Exchange with a total expense ratio (TER) of 1.50%.
XRPL aims to physically replicate the performance of Ripple (XRP), with each unit of the ETF being supported by 40 XRPs at launch.
Townsend Lansing, Head of ETPs at CoinShares, commented, “Once we have determined that a professional caliber product is feasible and there is a demand for a liquid market to trade the product, we bring the product to fruition.”
Frank Spiteri (pictured), Chief Revenue Officer at CoinShares, added: “The digital asset ecosystem is huge and is still growing rapidly.
“As we continue to diversify our product offering in 2021, we will focus on providing exposure to the assets and networks that resonate most with our European customer base.”
Although XRP gained momentum in 2020 alongside other cryptocurrencies, it sparked controversy at the turn of the year when the Securities and Exchange Commission (SEC) claimed ripple was a security, not a currency.
On this basis, the regulator filed a lawsuit against the inventor of XRP for illegally marketing the crypto asset to retail investors and failing to provide consumers with the necessary information about the risks involved.
While 21Shares removed XRP from general holdings of its 21Shares Crypto Basket ETP (HODL) on that news, the asset saw a surge start through 2021.
After the value of XRP fell 65% in the four weeks ending December 29, 2020, it rose from $ 0.2 to $ 1.7 between December 29 and April 13.
XRPL is the eighth product from CoinShares. The new ETP also follows the company’s most recent launch of the company’s Litecoin strategy, CoinShares Physical Litecoin (LITE), on April 6th.