Asset management company Franklin Templeton has launched an exchange-traded fund (ETF) tracking the XRP token on the NYSE Arca, following regulatory approval for other crypto investment tools.
On Monday, Franklin's XRP ETF debuted on the NYSE Arca under the ticker symbol XRPZ, providing investors with a channel to access the cryptocurrency. Its trading debut coincided with the launch of the Grayscale XRP Trust ETF (GXRP) and closely followed similar products from Bitwise Asset Management and Canary Capital.
XRP is the native asset of the XRP Ledger, an open-source blockchain developed by Ripple. According to Cointelegraph Markets data, the cryptocurrency has risen 8.25% in the past 24 hours.
David Mann, head of ETF products and capital markets at Franklin Templeton, noted, "XRPZ offers investors a convenient and regulated way to access a digital asset that plays a foundational role in global settlement infrastructure, thanks to the transparency and regulation of ETFs."
Data on fund inflows for the first full trading day of the Franklin Templeton XRP ETF has not yet been released, but the NYSE Arca shows that 768,692 shares have been traded as of the time of publication. Bitwise CEO Hunter Horsley reported on Monday that the asset management company saw approximately $118 million in inflows for its XRP ETF last week.
The launch of the Franklin Templeton XRP ETF follows the company's creation of crypto index funds and investment tools related to Bitcoin (BTC) and Ethereum (ETH).
The launch of the XRP ETF comes nearly five years after the U.S. Securities and Exchange Commission filed a lawsuit against Ripple and its executives. The U.S. regulator ultimately dropped the case in March under new leadership and a new administration, officially settling in August for $125 million.
Franklin Templeton's XRP product requires SEC approval to begin trading on the NYSE Arca.
Related: NYSE approves Grayscale Dogecoin (DOGE) and Ripple (XRP) ETFs, allowing them to list on Monday.
Original article: “Franklin Templeton, Grayscale ETFs Begin Trading, Ripple (XRP) Rises 8%”
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