- Bitwise aims to launch an XRP exchange-traded fund (ETF), confirming that the filing with the state of Delaware is legitimate.
- This comes after the SEC approved Bitcoin and Ethereum ETFs from various firms earlier this year.
- XRP is the seventh-largest cryptocurrency by market cap, created by the founders of the payments platform Ripple.
Bitwise hopes to launch another major cryptocurrency exchange-traded fund (ETF), confirming to Decrypt that an application for an XRP fund filed with the state of Delaware is legitimate. The application to launch the ETF based on XRP, the seventh-largest cryptocurrency by market cap created by the founders of payments platform Ripple, comes following SEC approvals of Bitcoin and Ethereum ETFs from various firms earlier this year.
Background
The application to launch the XRP ETF comes after the SEC approved Bitcoin and Ethereum ETFs from various firms earlier this year. XRP is the seventh-largest cryptocurrency by market cap and was created by the founders of the payments platform Ripple.
Bitwise’s XRP ETF Filing
Bitwise has filed an application with the state of Delaware to launch an ETF based on XRP. Decrypt has confirmed with Bitwise that this filing is legitimate. This would allow Bitwise to launch a major cryptocurrency ETF based on XRP, following the SEC’s approvals of Bitcoin and Ethereum ETFs.
Market Reaction
The market has reacted positively to the SEC approving Bitcoin and Ethereum ETFs from various providers earlier this year. An XRP ETF would further expand the cryptocurrency ETF market. As the seventh-largest cryptocurrency by market cap, an XRP ETF would likely see significant interest from investors.
Looking Ahead
The approval of an XRP ETF hinges on the SEC review process. However, the recent flurry of approvals for Bitcoin and Ethereum ETFs suggests a warming towards cryptocurrency ETF products. If approved, the Bitwise XRP ETF would provide investors another way to gain regulated and transparent exposure to a major cryptocurrency. The cryptocurrency ETF market continues to rapidly evolve.
Conclusion
Bitwise has taken the next step towards potentially launching an XRP exchange-traded fund. This comes after the SEC has approved several Bitcoin and Ethereum ETFs so far in 2022 from various providers. The cryptocurrency ETF market is expanding, and an XRP ETF would mark another milestone. However, Bitwise will need to clear regulatory hurdles before launching such a product. The approval process
