WisdomTree Europe Launches Exchange-Traded Product (ETP) for XRP
November 22, 2024
The European unit of ETF issuer WisdomTree has just announced a new XRP-based ETP product. The product is currently available in four EU countries, which has led to a slight increase in the price of XRP.
ETPs are a popular strategy for issuers to earn revenue without ETF approval, but Europe wouldn't necessarily approve one even if the U.S. did.
ETP XRP من WisdomTree
WisdomTree, a U.S.-based Bitcoin ETF issuer, has announced that its European arm is offering an XRP-based exchange-traded product (ETP). The new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have applied for an XRP ETF, but WisdomTree is taking a slightly different approach.
“The WisdomTree Physical XRP ETP provides a simple, secure and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market cap. Backed by 100% XRP, XRPW is the lowest priced XRP ETP in Europe, providing direct exposure to the spot market price,” according to the announcement.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse says it is “inevitable.” However, it has not happened yet, and ETP offerings allow issuers to meet customer demand to some extent. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
However, WisdomTree is no stranger to this market strategy. In May of this year, it received approval to offer Bitcoin and Ethereum-based ETPs to UK investors.
The UK has yet to approve a full ETF for any of these assets, but WisdomTree has still gained market access. Even a portion of the XRP market could be profitable, too; the asset’s value has surged today.
WisdomTree Europe’s strategy page does not describe any additional actions upon full approval. Even if the US approves an XRP ETF under new SEC leadership, it would not necessarily benefit WisdomTree’s European branch. For now, these XRP-based ETPs should be enough for this market.
