DeFi Technologies to Launch XRP ETP in Europe Next Month
DeFi Technologies has announced the impending launch of an XRP exchange-traded product (ETP) in a significant move for cryptocurrency investment in Europe. This new financial instrument, set to debut in early December 2023, marks a notable development in bridging the gap between decentralized finance and traditional investment markets.
XRP ETP Boosts European Crypto Market
DeFi Technologies will roll out the XRP ETP through its subsidiary, Valour Inc, a well-established issuer of ETPs focusing on digital assets. The launch, scheduled for early next month, offers investors a straightforward and secure avenue to gain exposure to XRP, the fifth-largest cryptocurrency globally, with a market capitalization of $31.6 billion.
According to the press release, the XRP ETP will be available on a major European exchange, allowing investors to access it via banks or brokerage services. This initiative reflects Valour’s commitment to expanding its product range, responding to the increasing demand for diverse digital asset investments in Europe.
Marco Infuso, Chief Sales Officer of Valour, expressed excitement about the expansion, emphasizing that adding XRP to their suite of products aligns with the growing investor interest in varied cryptocurrency assets.
The announcement also highlighted the functionality of XRP within RippleNet, where it serves as a bridge currency. This feature of XRP facilitates efficient and cost-effective international money transfers, underlining its utility and appeal as a digital asset.
In addition to XRP, Valour’s product portfolio includes other cryptocurrencies like Cardano (ADA), Solana (SOL), Avalanche (AVAX), and Binance (BNB), with Bitcoin and Ethereum being the flagship offerings. This diverse range of products demonstrates Valour’s dedication to innovation and development in the cryptocurrency investment space.
Valour Plans Expansion Beyond Crypto ETPs
Valour’s strategic move to launch the XRP ETP reflects an ongoing trend among financial institutions to embrace cryptocurrency-based investment products. This development places Valour alongside other significant entities like the Swiss Stock Exchange, which already offers XRP ETPs.
Furthermore, the company hinted at plans to broaden its ETP offerings, including those backed by traditional assets and physical holdings. This expansion strategy indicates Valour’s commitment to staying at the forefront of product innovation in the rapidly evolving digital asset market.
While European investors welcome the introduction of XRP ETPs, the United States market continues to anticipate the approval of a spot-based XRP ETF amid existing filings for Bitcoin and Ethereum ETFs. This disparity underscores the varying pace of regulatory and market acceptance of cryptocurrency-based financial products across different regions.
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