- An XRP ETP by 21Shares has appeared on Fidelity Investments’ platform, causing a stir among XRP enthusiasts.
- Despite initial excitement, it’s confirmed that Fidelity has not launched a new XRP ETP; the listed product is from Amun AG, rebranded to 21Shares.
21Shares XRP ETP Gains Visibility on Fidelity Platform
In recent developments within the cryptocurrency investment space, the XRP community was abuzz with the appearance of a 21Shares XRP ETP on the Fidelity Investments platform. This event has sparked various discussions and speculations among investors and enthusiasts.
The Initial Reaction
The news was initially disseminated via social media, particularly through the official account of the Good Morning Crypto podcast, which shared a screenshot of the XRP ETP listed on Fidelity’s digital platform. This led to conjectures that Fidelity might have introduced a new XRP ETP, fueling excitement among the XRP community.
The Reality of the XRP ETP Listing
However, upon closer inspection, it has been confirmed that Fidelity Investments has not launched a new XRP ETP. Instead, the product displayed is an existing XRP ETP launched by Amun AG, a Swiss financial institution, in April 2019. The product, initially under Amun AG, underwent a rebranding in 2020 and now falls under the 21Shares umbrella.
This ETP, known as AXRP, trades on public Swiss exchanges like the SIX Swiss Exchange and is 100% backed by physical XRP. With $51.3 million in assets under management, it stands as a significant instrument in the crypto investment space. Notably, Coinbase Custody serves as the product’s custody service provider, and U.S.-based trading firms like Jane Street are among its authorized participants.
Growing Demand for XRP Products
The appearance of the 21Shares XRP ETP on Fidelity’s platform comes amidst a growing demand for XRP-related investment products. This demand has been bolstered by Grayscale’s re-addition of XRP to its Grayscale Digital Large Cap (GDLC) fund, following a July 2023 ruling by Judge Analisa Torres that declared XRP a non-security.
The discourse around spot Bitcoin ETFs and XRP ETFs has also intensified, with XRP proponents citing the asset’s legal clarity in the United States as a significant advantage.
Implications for XRP Market
While the listing of the 21Shares XRP ETP on Fidelity’s platform is not a new development, it nonetheless highlights the ongoing interest in XRP as an investment asset. The product’s listing on a major platform like Fidelity underscores the asset’s relevance in the broader cryptocurrency market, particularly in the realm of institutional investment.
As the cryptocurrency market continues to evolve, the role of XRP and related investment products will likely remain a topic of interest, especially considering the growing intersection of traditional finance and digital assets.
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