Grayscale Rolls Out an XRP Fund
Grayscale yesterday announced its plans to launch a “closed-end” fund that will allow investors to gain exposure to the popular XRP token.
This comes after the firm previously managed an XRP fund, which was then terminated in 2021 following a lawsuit filed by the US Securities and Exchange Commission against Ripple.
The lawsuit argued that XRP is a security under US law, and Ripple, the company closely associated with the token, utilized it as its native asset on the XRP Ledger.
Currently, XRP is the world’s seventh most popular cryptocurrency in terms of market capitalization, which stands at over $32 billion.
Upon the news, the token saw an 8% surge. Grayscale’s Head of Product & Research Rayhaneh Sharif-Askary stated that the Grayscale XRP Trust offers investors access to a protocol with a crucial real-world use case.
