Bitwise Files to Launch XRP Exchange-Traded Product After Bitcoin ETF Approval

CRYPTO asset manager Bitwise has filed an initial registration statement with the US Securities and Exchange Commission (SEC) for an exchange-traded product (ETP) for XRP tokens

Crypto asset manager Bitwise has filed an initial registration statement with the US Securities and Exchange Commission (SEC) for an exchange-traded product (ETP) for XRP tokens.

The move comes after the SEC approved a spot Bitcoin exchange-traded fund (ETF) earlier this year, opening the door for more crypto products to be listed on exchanges.

Bitwise was among the firms which got the nod from the SEC for their bitcoin ETFs. The approval came after a decade-long tussle between the digital asset industry and the SEC, which had rejected the products due to market manipulation concerns.

XRP is a digital token that powers the XRP Ledger (XRPL) public blockchain. XRPL is best known for its role in facilitating cross-border payments and remittances.

The token has a market value of above US$30 billion, Bitwise said in a statement on Friday (Oct 21).

An ETP is a regularly priced security that trades on a stock exchange and tracks an underlying security, currency or an asset. They are similar to stocks and can be bought and sold during the day.

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