Bitwise Files for XRP Exchange-Traded Product
(Reuters) – Crypto asset manager Bitwise has filed an initial registration statement with the U.S. SEC for an exchange-traded product for XRP tokens, aiming to expand its crypto offerings following the recent approval of spot bitcoin ETFs.
Earlier this year, Bitwise was among firms granted approval by the SEC for their bitcoin ETFs, marking a significant breakthrough after a decade of regulatory challenges centered around market manipulation concerns.
XRP is a digital token that operates on the XRP Ledger (XRPL) public blockchain, primarily known for facilitating cross-border payments and remittances. According to Bitwise, the token has a market value exceeding $30 billion.
An exchange-traded product is a security that is consistently priced and traded on a stock exchange, tracking an underlying security, currency, or asset. Similar to stocks, these products can be bought and sold throughout the trading day.
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