Grayscale Investments has created a new trust for XRP, allowing accredited investors to gain exposure to the cryptocurrency known for facilitating cross-border transactions. The Grayscale XRP Trust functions like other single-asset crypto investment vehicles, holding only XRP. Grayscale’s head of product highlighted the potential of XRP to transform financial infrastructure.

Grayscale Launches XRP Trust for Accredited Investors

Crypto asset management firm Grayscale Investments announced the launch of Grayscale XRP Trust on Thursday. The new trust provides investors with a chance to gain exposure to XRP, a cryptocurrency used to facilitate cross-border financial transactions through the XRP Ledger. Grayscale said on social media platform X:

We are proud to announce the creation of a new single-asset crypto investment fund, Grayscale XRP Trust, which will be available through private placement. Available to eligible accredited investors.

The Grayscale XRP Trust functions like other single-asset investment trusts offered by the firm, holding only XRP, the token underlying the XRP Ledger, the company explained.

The trust is now available for subscription by accredited individual and institutional investors, who can access it on a daily basis. Grayscale emphasized that the trust provides an opportunity to invest in a protocol designed for real-world financial applications, specifically cross-border payments.

Grayscale’s head of product and research, Rayhaneh Sharif-Askary, highlighted the potential impact of XRP, stating: “XRP has the potential to transform the legacy financial infrastructure.” Sharif-Askary opined:

We believe Grayscale XRP Trust gives investors exposure to a protocol with an important real-world use case.

The crypto asset manager aims to have shares of new products quoted on secondary markets, though the firm cautions that approval is not guaranteed.

Source : Bitcoin.com - Sep 13, 2024