Grayscale has published an intended four-phase product life cycle for its XRP trust, leaving open the possibility of an ETF at some point in the future.
Exclusive: Crypto asset manager Grayscale is taking the first step in launching an XRP exchange-traded fund, FOX Business has learned. On Thursday morning, the company will announce the launch of the U.S.’s first XRP trust, a so-called "closed-end" fund that will offer accredited investors direct exposure to XRP. The crypto token is the native coin that powers the blockchain known as the XRP Ledger, which facilitates cross-border transactions of blockchain payments giant Ripple.
The company has published an intended four-phase product life cycle for its XRP trust, leaving open the possibility of an ETF at some point in the future. Grayscale is credited with helping to bring the first crypto ETFs to Wall Street after it sued the SEC last year to allow it to convert its Grayscale Bitcoin trust into a "spot" ETF – an ETF that tracks the daily price of the world’s largest cryptocurrency.
Making matters more uncertain for the XRP crowd – and a potential spot XRP ETF – has been how Wall Street’s top cop, the SEC, views the regulatory status of the token. The SEC is embroiled in a long and contentious legal battle with Ripple, which it sued in 2020 for failing to register sales of XRP with the commission as a security.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
XRP Price Skyrockets 7% as Grayscale Launches Dedicated Ripple TrustCrypto Blog
Read more »
BlackRock Tops Grayscale in Bitcoin and Ethereum ETF RacesBlackRock now ahead of Grayscale in terms of ETF holdings
Read more »
XRP ETF Getting Closer with This New Major DevelopmentCFTC-approved exchange Bitnomial is set to offer XRP futures
Read more »
Ripple CTO says XRP Ledger does not have smart-contract functionality, XRP dips 3%Ripple (XRP) has plans to introduce smart contract functionality to its native blockchain, the XRP Ledger.
Read more »
XRP Eyes Epic 15% Gains in September, Price History SignalsXRP bull run to start in September, according to XRP price history
Read more »
Mysterious 100 Million XRP Transfer Raises Question: Is XRP Price Breakout Imminent?100 million XRP mystery fuels speculation about biggest breakout in price's history
Read more »