As a seasoned researcher who has witnessed the evolution of the crypto landscape for the past decade, I must say that the launch of Grayscale’s XRP Trust is indeed a significant milestone. Having closely followed the SEC lawsuit against Ripple Labs and the subsequent ruling in their favor, I find it incredibly intriguing to see how this event has opened up new opportunities for XRP.
The prominent investment firm, Grayscale, has introduced a trust for XRP. This is the initial U.S. offering of its kind, potentially paving the way for a future XRP exchange-traded fund (ETF) that trades on local stock exchanges.
XRP sees more adoption post-SEC lawsuit
The Grayscale XRP Trust functions as a specialized investment fund, exclusively open to accredited investors, providing them direct access to the cryptocurrency linked with Ripple. Similar to other single-asset trusts managed by Grayscale, the XRP trust will solely hold the digital coin. The main asset supporting the XRP Ledger, a decentralized, peer-to-peer network, is primarily the XRP crypto asset, which is designed to simplify international money transfers.
The business had planned to present this service within the United States a couple of years back. Unfortunately, three years ago, the endeavor came to an end when the Securities and Exchange Commission (SEC) took action against Ripple Labs regarding the classification of XRP as a security.
Over the past year, our company has rejoiced in the court win, with a significant milestone being Judge Analisa Torres’ decision in July 2023 declaring XRP as not classified as a security. This ruling brought relief and clarity to Ripple, leading to some encouraging developments for XRP. One such positive trend is its increased acceptance and adoption by various cryptocurrency projects, with Grayscale being one of the notable adopters.
Spot XRP ETF underway
The company behind Bitcoin and Ethereum ETFs is confident that this fresh product will succeed. In terms of the Grayscale XRP Trust, Grayscale’s Head of Product and Research, Rayhaneh Sharif-Askar, emphasized that “the Grayscale XRP Trust provides investors with access to a protocol that has a significant practical application in the real world.
He also noted that “by facilitating cross-border payments that take just seconds to complete, XRP can potentially transform the legacy financial infrastructure.”
As an analyst, I’m speculating that the Grayscale XRP Trust could potentially pave the way for a spot XRP Exchange-Traded Fund (ETF) to enter the U.S. market.
In the latest upgrade for XRP, the Chicago-based cryptocurrency futures exchange, Bitnomial, has revealed plans to introduce US dollar cash-settled contracts for the XRP digital currency, which will be identified by the symbol “XUS”.
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2024-09-12 19:03