CRYPTO asset manager Bitwise has filed an initial registration statement with the US Securities and Exchange Commission (SEC) for an exchange-traded product (ETP) for XRP tokens, as it seeks to introduce more crypto products after a landmark regulatory decision to approve spot Bitcoin exchange-traded fund (ETF) earlier this year.
Bitwise earlier this year was among the firms which got the nod from the SEC for their Bitcoin ETFs. The approval came after a decade-long tussle between the digital asset industry and the SEC, which had rejected the products due to market manipulation concerns.
XRP is a digital token that powers the XRP Ledger (XRPL) public blockchain. XRPL is best known for its role in facilitating cross-border payments and remittances.
The token has a market value of above US$30 billion, Bitwise said.
ETP is a regularly priced security that trades on a stock exchange. It tracks underlying security, currency or an asset. These are similar to stocks and can be bought and sold during the day. REUTERS
