ETC Group has launched a ripple exchange-traded product (ETP) in partnership with HANetf.
The XRPetc – ETC Group Physical XRP (GXRP) is listed on the Deutsche Boerse with a total expense ratio (TER) of 1.95%.
GXRP physically replicates the performance of XRP, the native currency of blockchain-based settlement and exchange network, ripple.
XRP is currently the sixth-largest crypto asset with a market cap of $35.3bn.
Bradley Duke, founder and co-CEO of ETC Group, said: “Ripple is rapidly becoming a leader in global payment systems with hundreds of financial institutions choosing ripple to provide a better international payments experience for their customers, in real-time.”
Hector McNeil, co-founder and co-CEO of HANetf, which will market and distribute the ETP, added: “Interest in exchange-traded cryptocurrencies has been booming, providing investors with a safer and more liquid way to gain exposure to digital assets.
“Ripple is a growing blockchain-based digital payment network that is gaining traction thanks to its rapid speed and reliability.”
GXRP becomes ETC Group’s fourteenth product and follows the launch of its avalanche, cosmos and polygon ETPs at the end of March.