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XRP DR Set To Go Live, Here’s Why This Offering Matters

A new XRP Depository Receipt (DR) product is set to launch in the US to complement the growing push for ETF product
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XRP DR Set To Go Live, Here’s Why This Offering Matters

Highlights

  • XRP Depositary Receipt is coming to the United States soon
  • The offering is from Receipt Depo and Digital Wealth Partner (DWP) Advisors
  • This new product complements XRP ETF offering and will be supervised by the OCC

Digital securities firm Receipts Depo (RDC) is on track to launch XRP Depository Receipts (DR) in the United States. The offering is designed for accredited investors and backed by DWP Advisors. According to Fox Business Journalist Eleanor Terrett, this offering will be overseen by the United States Office of the Comptroller of the Currency.

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XRP DR as the DeFi Anchor

As described by Terrett on X, the XRP DR product is closely similar to American Depository Receipts (ADR). While ADRs represent the shares of foreign companies, the product from Receipt Repo will enable investors to own XRP by buying it from exchanges.

Per the analysis, the product will help connect Decentralized Finance (DeFi) and the broader mainstream market. As revealed, Anchorage Digital will serve as the custodian for the proposed DR offering if the regulators approve it. 

The Depository Receipts are essential to introduce fresh capital in the XRP ecosystem. Among the key benefits are access to foreign markets, diversification of investments, and currency risk management, among others. The ADR, the first of its kind, also comes as a product with lower barriers to entry relating to its fee schedule.

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XRP DR and ETF In View

The potential launch of the XRP DR has triggered a growing conversation within the Ripple ecosystem. Proponents believe this new model will help gain exposure to the coin and help cut across the diverse investors in the traditional financial world.

Crypto asset managers have recently intensified their efforts to list and trade XRP ETFs in the US. For a product that few asset managers have filed S-1 registration statements for months ago with uncertainty, most are now pushing for 19b-4 with certainty.

As reported earlier by CoinGape, the Cboe Exchange submitted the 19b-4 for 21Shares, Bitwise, and Canary Capital’s XRP ETF products. Besides these asset managers, Grayscale Investments, CoinShares, and WisdomTree are also pushing for an XRP ETF product.

Analysts say XRP has a high prospect of getting its ETF approved. As such, it can create new ways for investors to gain exposure to the coin.

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Matching Regulations Fueling Ambitions

Due to the changing U.S. regulatory landscape, most asset management firms are optimistic about the prospects of XRP ETF. Under the leadership of Acting US SEC Chairman Mark Uyeda, the agency has made a crucial pivot toward crypto.

With the launch of a crypto task force with defined roles in enforcement, investors, in general, believe an upside lies ahead for XRP, Solana, and most altcoins with an ETF proposal.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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