Purpose Investments, known for launching the world’s first spot Bitcoin ETF, is now aiming to launch the world’s first spot XRP ETF. This move signifies growing institutional interest in XRP and could make investing in it more accessible.
Purpose Investments Takes Aim at XRP
Purpose Investments, a big name in the investment world, recently filed paperwork to launch an XRP exchange-traded fund (ETF). Now, if you’re scratching your head thinking “what does that even mean?” think of it like this: instead of buying actual XRP tokens yourself (which can be a bit complicated), you could buy shares of this ETF. The ETF will hold all those XRP tokens for you. According to the source, this makes it much simpler for investors who want exposure to XRP without dealing with the technical side of cryptocurrency ownership. Purpose Investments already made waves by launching the very first spot Bitcoin and Ethereum ETFs back in 2021. Now they seem ready to do the same with XRP – which is pretty exciting!
Why XRP? And What’s Next?
So why are they focusing on Ripple’s token (XRP) now? Well, according to Som Seif, founder and CEO of Purpose Investments; “As XRP sees increasing adoption and institutional interest,” an ETF would provide a “transparent and familiar way to access it within a regulated framework.” Basically, more big investors are becoming interested in XRP, and this ETF would make it easier for them to jump on board. The source indicated the Purpose Ripple ETF plans to invest all its assets in long-term holdings of XRP, aiming for long-term growth. It’s not just Purpose Investments getting in on this action either. The source noted other companies, like Grayscale and WisdomTree, have also filed paperwork for similar XRP ETFs, particularly in the US. It looks like the race to launch an XRP ETF is on, and it could mean a big step forward for the mainstream adoption of this cryptocurrency.
Source: Tech | Bitcoinethereumnews.com
