Digital asset manager CoinShares has just announced it plans to launch an exchange-traded product (ETP) based on the XRP token. Each unit of CoinShares Physical XRP is physically backed by 40 XRP.
The ETP, which will trade under the ticker XRPL, will be launched on SIX Swiss Exchange, Switzerland's largest stock exchange, and will have a base fee of 1.5% per annum.
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XRPL is the eighth investment product launched by CoinShares. The company has noted all the products have been created in response to demand from its clients.
Earlier this month CoinShares rolled-out a Litecoin-based ETP physically backed by the asset. Until then, CoinShares only offered its clients access to Bitcoin and Ether through similar products.