The XRP backed investment tool launches alongside other offerings from Grayscale, Bitwise Asset Management and Canary Capital.
Asset management firm Franklin Templeton has launched an exchange-traded fund tracking the XRP token on NYSE Arca amid regulatory approvals paving the way for other cryptocurrency Investment Vehicles .
The Franklin XRP ETF launched on NYSE Arca on Monday under the ticker symbol XRPZ, giving investors exposure to the cryptocurrency. The fund’s trading debut coincides with the launch of the Grayscale XRP Trust (GXRP) ETF and follows similar launches from Bitwise Asset Management and Canary Capital.
XRP is the native asset of XRP Ledger, an open-source blockchain developed by Ripple. The cryptocurrency has gained 8.25% in the past 24 hours, according to data from the BingX exchange.
“XRPZ provides investors with a convenient and regulated way to access a digital asset that plays a fundamental Vai in the global payments infrastructure, through the transparency and oversight of an ETF,” said David Mann, head of ETF products and Capital markets at Franklin Templeton.
Data on Capital into Franklin Templeton’s XRP ETF on its first day of trading has not yet been released, but NYSE Arca shows 768,692 shares traded as of publication. Bitwise CEO Hunter Horsley reported on Monday that the asset manager saw Capital of about $118 million into its XRP ETF last week.
Franklin Templeton's XRP ETF launch comes after the firm created a cryptocurrency index fund and vehicles linked to Bitcoin and Ether.
Will the US Care About XRP After the SEC Legal Troubles End?
The launch of the XRP ETF comes nearly five years after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple and its executives. The U.S. regulator eventually dropped the case in March under new leadership and management, officially ending it in August with a $125 million settlement.
Franklin Templeton's XRP offering needs SEC approval to begin trading on NYSE Arca.
Source: Cointelegraph
