Grayscale Investments has introduced the first XRP Trust through which accredited investors can directly invest in XRP. The Ripple CEO has recently posted his comment regarding the XRP community’s reaction to this news.
The firm that offers crypto-based trusts intends to change the XRP Trust into a spot exchange-traded fund (ETF) in the future. The XRP community has welcomed this development. The company’s CEO, Brad Garlinghouse, has also expressed his views on the same.
He pointed out that XRP approval in the United States and will be a significant factor in its future expansion. In this case, Garlinghouse is optimistic that giving a clear roadmap will open up the world to XRP.
Ripple CEO is Optimistic About XRP Trust Launch
The Ripple CEO was thrilled with the launch of the XRP Trust. This is a significant step forward for the future of cryptocurrency, according to him. He said that with the ongoing regulatory push, XRP will continue to attract institutional and retail investors.
According to Garlinghouse, the foundation laid here means that XRP is poised to grow even more in the next few years. This boosted XRP, as a New York federal court stated that the token in question is not inherently a security.
That has led to more adoption, as some U.S.-based exchanges like Coinbase and Kraken brought back XRP after the court ruling. The relisting increased the XRP token’s credibility and made it more attractive to institutional and retail investors.
Grayscale Expands with New XRP Trust
The XRP Trust is the newest Grayscale product after the launch of Bitcoin and Ethereum Trusts, which were converted into ETFs earlier this year. Grayscale wants to mimic this model with the XRP Trust and transition it to a spot ETF.
However, the transition of the trust into an ETF is not without a challenge. It requires the approval of the U.S. Securities and Exchange Commission (SEC).
Nevertheless, the XRP community still has high expectations regarding the trust’s future development. With XRP’s legal status being achieved, the trust’s launch indicates increasing confidence in the token.
Grayscale Awaits SEC Nod for XRP ETF
One of the biggest challenges hindering the growth of XRP has been the legal duel between the SEC and Ripple. However, Judge Analisa Torres’ favorable ruling has resulted in bringing more stability for the XRP token.
If there is no appeal within the stipulated period, it would eliminate one of the biggest hurdles to the launch of an XRP ETF. The outcome of the SEC vs. Ripple lawsuit might help Grayscale’s chances of getting regulatory approval for its ETF plans.
Should no appeal be lodged, it will present a better scenario for launching new XRP-centered investment products. This could result in Ripple’s increased recognition and investment expansion in XRP.
