A #xrp exchange-traded product (ETP) has been launched on Nasdaq Stockholm, the main stock exchange in the Nordic region.
In an official press release published on Tuesday, Swedish digital asset manager Virtune announced the debut of its Virtune XRP ETP on Nasdaq Stockholm. The Virtune XRP ETP aims to offer investors a way to take advantage of the performance of
The report noted that the newly launched XRP ETP is fully collateralized and 100% backed by physical XRP tokens. Virtune has partnered with leading US exchange Coinbase to act as custodian of its XRP reserve.
Interestingly, this XRP investment product begins trading today, July 2, with the ticker VIRXRP. It is aimed at the Nordic market, is denominated in Swedish Krona (SEK) and can be accessed through Avanza and Nordnet.
It should be noted that investors pay an annual management fee of 1.49%. According to the press release, the XRP ETP is available to retail and institutional investors through various banks and brokers.
With this launch, Virtune joins the growing list of asset managers establishing investment products for XRP outside of the United States.
In February, European asset manager Valor launched an XRP ETP on the Nordic Growth Market. On the other hand, 21Shares has been listing an XRP ETP for half a decade now.
XRP ETP Meets XRP Investment Demand
In its announcement, Virtune highlighted XRP's unique value proposition as a crypto asset optimized for fast and cost-effective cross-border payments. The company noted that XRP stands out from traditional banking systems by allowing transactions to be completed in seconds.
Virtune recognized that this proposal makes XRP an attractive solution for multinational transfers. The Swedish firm also acknowledged that XRP benefits from a strong and dedicated community along with the backing of American fintech Ripple.
Reacting to the launch of the XRP ETP, Christopher Kock, CEO of Virtune, commented that the new product meets the growing demand from investors looking for a secure way to invest in XRP.
