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Swedish asset manager Virtune has praised XRP, highlighting a major feature of the crypto token. This praise comes following the firm’s launch of its exchange-traded product (ETP), which will allow investors to gain exposure to XRP.
XRP Is “Ideal” For International Transfers
In a press release announcing the launch of its Virtune XRP ETP, the asset manager mentioned that XRP is ideal for international transfers because transactions using the crypto token are completed within seconds. Virtune further noted how XRP offers “unparalleled transparency and reliability” thanks to its “robust and secure blockchain technology.”
The asset manager also claimed that XRP’s low transaction fees are a “significant advantage, especially for high-volume transfers.” Additionally, Virtune stated that XRP is backed by a “strong community and is supported by Ripple, a leading company in the fintech industry.”
Virtune’s praise for XRP again highlights how XRP has gained a reputation for being the future of cross-border payments. Using XRP, Ripple is disrupting the global financial system and establishing itself as a viable alternative for conducting international transfers through its Ripple payments service.
Interestingly, Ripple’s CEO Brad Garlinghouse once mentioned that XRP could become the next Bitcoin if the crypto token becomes widely accepted for cross-border payments. He suggested that this could bring in trillions of dollars for XRP, which would undoubtedly cause its value to surge significantly.
XRP’s utility as the crypto token for cross-border payments is also part of why individuals like pro-XRP Wall Street financial analyst Linda Jones are betting on its potential. She once suggested that XRP could usurp Bitcoin to become the face of the crypto market and even likened it to Apple and Microsoft’s stock, stating that it could be the next big thing in the financial market.
Virtune Launches First XRP ETP On Nasdaq
Virtune’s XRP ETF was launched on Nasdaq Stockholm and will provide an avenue for institutional investors to gain exposure to XRP. Christopher Kock, CEO of Virtune, revealed that this will be the first XRP ETP to be listed on Nasdaq. He also mentioned that the investment product is 100% physically backed with XRP, which is stored by crypto exchange Coinbase, the firm’s custodian.
It is worth mentioning that an XRP ETF remains a possibility in the United States, especially following VanEck and 21 Shares’ application for a Spot Solana ETF. Approval of these funds will likely usher in more crypto ETF applications, with a Spot XRP ETF potentially next in line after the Spot Solana ETFS.
Garlinghouse is also convinced that a Spot XRP ETF will launch sooner or later. He mentioned during the Consensus 2024 conference that Spot XRP, Cardano, and Solana ETFs are ‘inevitable.’ He also previously stated that XRP has already gained regularity clarity, which is another reason he believes a Spot XRP ETF will launch at some point.
At the time of writing, XRP is trading at around $0.47, up in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
