Wu said that cryptocurrency investment company Bitwise has submitted an updated S-1 registration document to the U.S. Securities and Exchange Commission (SEC) to further advance its XRP ETF application process. The update details the trust structure, custody arrangements, and share creation and redemption mechanisms. Bitwise plans to mainly use cold storage to keep trust assets, and only store a small amount of assets in hot wallets to meet daily operational needs. The company has designated a chief executive agent to conduct XRP transactions on multiple trading platforms such as Bitstamp, Kraken, Coinbase and LMAX to improve trading efficiency.