What to Know:
- 21Shares has teased the launch of a new XRP-related product, exciting the XRP community.
- Speculation points towards the imminent launch of their spot XRP ETF, pending regulatory approvals.
- The potential launch would introduce more competition into the growing market for spot XRP ETFs.
A recent message from asset manager 21Shares has ignited enthusiasm within the XRP community, hinting at a significant development related to the token. The firm’s communication has fueled speculation about a new XRP-related product, potentially a spot XRP ETF. This move could further legitimize XRP and increase its accessibility to institutional and retail investors.
The anticipated product is likely the spot XRP ETF that 21Shares has been developing. An updated S-1 application was submitted earlier this month to allow the ETF to become auto-effective. The launch was initially projected for late November, but the timeline remains uncertain pending regulatory clarity.
A subsequent update to the XRP ETF filing confirmed its listing on the Cboe BZX Exchange under the ticker TOXR. The fund will have a 0.50% management fee, with 21Shares investing an initial $500,000. This development signals a strong commitment from 21Shares to the XRP market.
The launch of 21Shares’ XRP ETF would add to the expanding landscape of spot XRP ETFs. Canary Capital and Bitwise already have funds trading in the U.S., attracting significant inflows. The entry of major players like Franklin Templeton and Grayscale Investments further underscores the growing institutional interest in XRP.
The potential launch of a spot XRP ETF by 21Shares represents a positive step for XRP adoption and market maturity. Increased accessibility through ETFs could attract new investors and drive further liquidity into the XRP market. As the regulatory environment for cryptocurrencies evolves, the introduction of regulated investment products like ETFs is crucial for the continued growth and stability of the crypto market.
Source: Original article
