- Virtune launched a fully collateralized XRP ETP on Nasdaq Stockholm, trading as VIRXRP.
- The XRP ETP is backed by Coinbase and charges a 1.49% annual management fee.
- XRP’s value proposition includes rapid, cost-effective cross-border payments.
Virtune, a digital asset manager based in Sweden, announced on Tuesday that its Virtune XRP ETP will be listed on Nasdaq Stockholm. The Virtune XRP ETP enables investors to make an investment in the performance of XRP, the seventh-largest cryptocurrency venture, valued at more than $26.63 billion.
The recently introduced XRP ETP has physical XRP tokens as its full collateral and security. Virtune has teamed up with Coinbase, a leading US exchange, to serve as the custodian of its XRP reserves.
The XRP securities offering debuted on July 2nd under its ticker symbol, VIRXRP. It is denominated in Swedish kronor (SEK) and is available via Avanza and Nordnet. Investors pay a management fee of 1.49% per year.
Retail and institutional investors can access the XRP ETP through a number of banks and brokers. Virtune’s launch adds to the growing list of asset managers launching XRP investment products outside of the United States.
In February, Valour, a European asset manager, launched an XRP ETP on the Nordic Growth Market. The 21Shares XRP ETP has been listed for six years. According to Virtune, XRP distinguishes itself as a cryptocurrency that is suited for cheap and fast international payments. The company emphasized that XRP distinguishes itself from traditional banking systems by allowing transactions to be completed in seconds.
Virtune recognized that this proposal renders XRP a compelling option for cross-border transfers. The Swedish company also recognized that XRP benefits from a strong and dedicated community, in addition to backing from American fintech company Ripple.
The introduction of Virtune’s XRP ETP to the Nasdaq Stockholm market represents a significant advancement in the field of digital asset management. Investors now have another way to interact with XRP, which increases its presence in the European market.
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