Grayscale, one of the largest cryptocurrency management companies, has taken action for Ripple.
According to the news reported by Foxbussines on September 12, Grayscale has rolled up its sleeves for the first Ripple Trust in the US. According to the news, the company will announce the launch of the first XRP trust in the US on Thursday morning.
This closed-end fund will provide qualified investors with the opportunity to invest directly in XRP. This access, especially for institutional investors, is expected to generate billions of dollars.
A trust and an ETF stand out as two different investment products. While ETFs are marketed directly to retail investors, they must be approved by the Securities and Exchange Commission (SEC), while a trust is offered to qualified investors with less regulatory oversight. However, with the right regulatory approvals, a trust can become an ETF.
Grayscale was recognized as the first company to bring crypto ETFs to Wall Street after it was granted permission to convert its bitcoin trust into a “spot” ETF following a lawsuit it filed against the SEC last year.
Following this victory, giants like BlackRock, Fidelity, and WisdomTree also launched their own Bitcoin ETFs. The debut of 11 Bitcoin ETFs on Wall Street in January was a major turning point for the industry.
Four months later, the SEC approved the launch of six ETFs that track the price of Ethereum.
XRP price is on the rise
With this news from Grayscale, a 9.3% increase was seen in the XRP price. With this movement, XRP jumped from $ 0.53 to $ 0.58.
XRP is trading at $0.57 at the time of writing.
Stay tuned for new information.
