Asset management company Franklin Templeton launched an exchange-traded fund tracking the XRP token on the NYSE Arca amid regulatory approvals clearing the way for other crypto investment vehicles.
On Monday, the Franklin XRP ETF launched on the NYSE Arca under the ticker XRPZ, providing investors with access to the cryptocurrency. Its trading debut coincides with the launch of the Grayscale XRP Trust ETF (GXRP) and follows other similar launches from Bitwise Asset Management and Canary Capital.
XRP (XRP) is the native asset of the XRP Ledger, an open-source blockchain developed by Ripple. The cryptocurrency has risen 8.25% over the past 24 hours, according to Cointelegraph Markets data.
“XRPZ offers investors a convenient and regulated way to access a digital asset that plays a foundational role in global settlement infrastructure, through the transparency and oversight of an ETF,” said Franklin Templeton’s head of ETF product and capital markets, David Mann.
Data on Franklin Templeton’s XRP ETF inflows for the first full day of trading was not available, but NYSE Arca showed 768,692 shares traded as of the time of publication. Bitwise CEO Hunter Horsley reported on Monday that the asset management company saw its XRP ETF with about $118 million in inflows last week.
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The launch of Franklin Templeton’s XRP ETF followed the company’s creation of a crypto index fund and vehicles tied to Bitcoin (BTC) and Ether (ETH).
US interest in XRP after the end of SEC legal troubles?
The launch of the XRP ETF came almost five years after the US Securities and Exchange Commission filed a lawsuit against Ripple and its executives. The US regulator ultimately dropped the case in March while under new leadership and a new administration, officially ending in August with a $125 million settlement.
Franklin Templeton’s XRP offering required SEC approval to begin trading on the NYSE Arca.
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