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ETC Group launches XRP-backed ETC on Xetra

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Digital ETP issuer ETC Group has announced the listing of the XRPetc – ETC Group physical XRP (Ticker: GXRP) on 22nd April on Deutsche Börse Xetra.

The firm writes that Ripple is a blockchain-based digital payment network and protocol with its own cryptocurrency, XRP. Since launching in 2012, Ripple has rapidly gained acceptance as a system for international money and security transfers by banks and financial middlemen dealing across geographies and currencies, with XRP currently ranked sixth by market cap of all cryptocurrencies.

XRP will join the company’s suite of institutional-grade crypto exchange traded products including Bitcoin, Ethereum, Solana, Cardano, Polkadot, Litecoin, Avalanche, Cosmos, Polygon and Uniswap that trade on XETRA. The new ETC will be marketed and distributed by HANEtf and available in EUR and USD. 

Bradley Duke, Founder and co-CEO at ETC Group says: “Ripple is rapidly becoming a leader in global payment systems with hundreds of financial institutions choosing Ripple to provide a better international payments experience for their customers, in real-time. By launching this latest ETC to our expanding portfolio of high quality, physically backed digital assets, we’re continuing to grow our offering to investors, providing access to an increasingly wide range of digital currencies and assets – especially those amassing large market caps.  The market leading success of our products has been driven by our partnerships with world-class liquidity providers to deliver high liquidity and tight trading spreads.”

Hector McNeil, co-Founder and co-CEO at HANetf says: “We are delighted to partner with ETC Group again to offer a new ETC backed by XRP. ETC Group, in partnership with HANetf, has established itself as a market leader in offering investment products focused on crypto assets. Interest in exchange traded cryptocurrencies has been booming, providing investors with a safer and more liquid way to gain exposure to digital assets. Ripple is a growing blockchain-based digital payment network that is gaining traction thanks to its rapid speed and reliability.”

The firm writes that crypto ETCs provide investors with significant benefits over direct investment in digital assets, including:

1/ Easy way to invest
Investors can buy and sell like any stock or ETF through their regular broker or bank. No need to engage with the technical challenges of setting up a cryptocurrency wallet, products have a ticker and ISIN and can be added to an investor’s conventional stock portfolio. 

2/ Institutional-grade asset custody
The underlying digital asset is kept in cold-storage at a regulated custodian, and all assets are secured by an independent trustee, thus eliminating issuer default risk, a common feature for physical ETC structures.

3/ 100 per cent physically backed & option for physical  redemption
Investors are legally entitled to the underlying digital asset, and can redeem the ETC for the сryptocurrency, alternative to selling on exchange. Hence ETC products provide pure exposure to the underlying digital asset.

 

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