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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

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

Ash Tiwari
Ash Tiwari
1 year ago
2 mins read
XRP

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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.

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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. 

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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.

Ripple XRP XRPUSDT Grayscale XRP ETP
XRP’s price trends upwards on the daily chart. Source: XRPUSDT on Tradingview

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

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Ash Tiwari
Ash Tiwari

Ash Tiwari

Ash is a dedicated crypto researcher and blockchain enthusiast with a passion for diving deep into the evolving world of decentralized technologies. With a background in writing and a natural curiosity for how digital assets are shaping the future, he has immersed himself in various sectors of the cryptocurrency space, including decentralized finance (DeFi), NFTs, and liquidity mining. His journey into crypto started with a desire to fully understand the technology behind it, leading him to explore and engage with these systems firsthand.

Read more

Ash’s approach to DeFi goes beyond surface-level research as he actively participates in decentralized protocols, testing their functionality to gain a deeper understanding of how they operate. From experimenting with staking mechanisms to exploring liquidity mining strategies, he is hands-on in his exploration, which allows him to provide practical, real-world insights that go far beyond theoretical knowledge. This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance.

In the NFT space, Ash’s interest is driven by the technology’s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash’s research in this area often touches on the intersection of culture, technology, and community-driven projects.

A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash’s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution.

When it comes to communicating these complex topics, Ash’s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights.

Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. His research spans areas like cross-chain technologies, decentralized governance, and blockchain’s potential to integrate with traditional finance. He is continuously learning and adapting to the latest developments, ensuring that his insights are both timely and relevant. His interest extends to how these technologies are creating new possibilities for decentralization, transparency, and trust in a variety of industries.

Ash’s commitment to engaging with the crypto space firsthand gives him a unique perspective that goes beyond what can be learned from research alone. His practical involvement allows him to stay ahead of the curve, offering readers and enthusiasts a clear and comprehensive understanding of the rapidly evolving world of blockchain. Whether delving into the technical mechanics of DeFi or exploring the cultural impact of NFTs, Ash’s approach is always rooted in curiosity, research, and a desire to make this technology accessible to all.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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