An XRP exchange-traded product (ETP) has launched on Nasdaq Stockholm, the premier stock exchange in the Nordic region.
In an official press statement on Tuesday, Swedish digital asset manager Virtune disclosed the debut of its Virtune XRP ETP on Nasdaq Stockholm. The Virtune XRP ETP aims to offer investors a way to tap into the performance of XRP, the seventh-biggest crypto project with a valuation of over $26.63 billion.
XRP ETP Starts Trading on Nasdaq Stockholm
The report noted that the newly launched XRP ETP is fully collateralized and 100% backed by physical XRP tokens. Virtune has partnered with leading U.S. exchange Coinbase to serve as the custodian of its XRP reserve.
Interestingly, this XRP investment product commences trading today, July 2, with the ticker VIRXRP. Catering to the Nordic market, it is denominated in Swedish kronor (SEK) and can be accessed through Avanza and Nordnet.
Notably, investors pay a 1.49% annual management fee. According to the press statement, the XRP ETP is accessible to retail and institutional investors through various banks and brokers.
With this launch, Virtune joins the growing list of asset managers, establishing investment products for XRP outside the United States.
In February, European asset manager Valour launched an XRP ETP on the Nordic Growth Market. On the other hand, 21Shares has listed an XRP ETP for half a decade already.
XRP ETP Fulfils Demand for XRP Investment
In its announcement, Virtune spotlighted XRP’s unique value proposition as a crypto asset optimized for rapid and cost-effective cross-border payments. The company noted that XRP stands out from traditional banking systems by enabling transactions to be completed in seconds.
Virtune acknowledged that this proposition makes XRP an attractive solution for multinational transfers. The Swedish firm also acknowledged that XRP benefits from a strong and devoted community alongside its backing from American fintech Ripple.
Reacting to the launch of the XRP ETP, Christopher Kock, CEO of Virtune, remarked that the new product meets the increasing demand from investors seeking a secure way to invest in XRP.