Ripple to Launch Asias First XRP Investment Product: Details
San Francisco-based payments company Ripple has inked a partnership with HashKey Capital to introduce the first-ever XRP tracker fund in Asia. Popular XRP community figure Crypto Eri called the publics attention to the development today. According to Eri, Ripple will be investing in HashKey Capitals new HashKey XRP Tracker Fundthe first Asia-based fund designed to mirror the price of XRP. https://twitter.com/sentosumosaba/status/1913179887143399784HashKey Launches Asias First XRP Tracker Fund Hashkey also confirmed the development in a statement issued on X today, emphasizing that the fund aims to expand institutional access to XRP. According to HashKey, the fund was created in partnership with Ripple. Ripples decision to partner with HashKey and become an anchor investor of the fund could enhance the products credibility. HashKey referred to the fund as the first in Asia, adding that it will not be the last. This indicates that several crypto management firms in the region could plan to roll out investment products tracking the price of XRP. Investors seeking to invest in the fund can do so through fiat currencies or in-kind contributions. They can also subscribe to or redeem shares of the HashKey XRP fund monthly. https://twitter.com/HashKey_Capital/status/1913088762286080066Ripple and HashKey Execs React Commenting on the development, Vivien Wong, HashKeys Liquid Fund partner, highlighted XRPs significance in the crypto market. According to her, XRP has successfully captured the attention of global enterprises, which leverage it for multiple purposes, ranging from asset tokenization to store of value. Fiona Murray, the Managing Director of APAC at Ripple, emphasized the growing demand for regulated digital asset products among professional investors in the Asia-Pacific region. She suggested that the HashKey XRP Tracker Fund product was developed to cater to these needs, adding: HashKey Capital's popularity and strong crypto traction in the APAC region will be essential in strengthening Ripples leadership role in crypto and blockchain technology across Asia." Meanwhile, Ripple and HashKey plan to explore other opportunities, including launching a money market fund on the XRP Ledger (XRPL). For context, HashKey Capital is an established player in the crypto sector with a strong pedigree in offering investment products tied to cryptocurrencies, such as Bitcoin and Ethereum. Two of its crypto productsthe Bosera HashKey Bitcoin Spot ETF and the Bosera HashKey Ether Spot ETFare currently trading on the Hong Kong Stock Exchange. The newly launched XRP fund represents HashKey Capitals third investment product, which tracks the performance of crypto. HashKey expects the XRP product to evolve into an exchange-traded fund within the next two years. For this conversion to occur, the company must obtain regulatory approval from the necessary regulators. Growing Institutional Interest in XRPIn the meantime, institutional interest in XRP has continued to gain momentum. As a result, top asset managers are seeking to roll out investment products tied to the fourth-biggest cryptocurrency. In the United States, over 11 financial institutions, including Bitwise and Canary, have filed with the U.S. SEC to launch spot-based XRP ETFs. Many expect the securities regulator to approve at least one of these filings before the end of this year.
Text source: The Crypto Basic
