An XRP exchange-traded product (ETP) has launched on Nasdaq Stockholm, the premier inventory trade within the Nordic area.
In an official press assertion on Tuesday, Swedish digital asset supervisor Virtune disclosed the debut of its Virtune XRP ETP on Nasdaq Stockholm. The Virtune XRP ETP goals to supply buyers a solution to faucet into the efficiency of XRP, the seventh-biggest crypto undertaking with a valuation of over $26.63 billion.
XRP ETP Begins Buying and selling on Nasdaq Stockholm
The report famous that the newly launched XRP ETP is totally collateralized and 100% backed by bodily XRP tokens. Virtune has partnered with main U.S. trade Coinbase to function the custodian of its XRP reserve.
Curiously, this XRP funding product commences buying and selling in the present day, July 2, with the ticker VIRXRP. Catering to the Nordic market, it’s denominated in Swedish kronor (SEK) and may be accessed by Avanza and Nordnet.
Notably, buyers pay a 1.49% annual administration payment. In keeping with the press assertion, the XRP ETP is accessible to retail and institutional buyers by numerous banks and brokers.
With this launch, Virtune joins the rising record of asset managers, establishing funding merchandise for XRP outdoors america.
In February, European asset supervisor Valour launched an XRP ETP on the Nordic Progress Market. However, 21Shares has listed an XRP ETP for half a decade already.
XRP ETP Fulfils Demand for XRP Funding
In its announcement, Virtune spotlighted XRP’s distinctive worth proposition as a crypto asset optimized for speedy and cost-effective cross-border funds. The corporate famous that XRP stands out from conventional banking techniques by enabling transactions to be accomplished in seconds.
Virtune acknowledged that this proposition makes XRP a gorgeous resolution for multinational transfers. The Swedish agency additionally acknowledged that XRP advantages from a robust and devoted neighborhood alongside its backing from American fintech Ripple.
Reacting to the launch of the XRP ETP, Christopher Kock, CEO of Virtune, remarked that the brand new product meets the growing demand from buyers searching for a safe solution to spend money on XRP.