Bitwise has confirmed that it hopes to launch another major cryptocurrency exchange-traded fund (ETF). Decrypt That Application b XRP Funding provided by the State of Delaware is legal.
The seventh largest by market capitalization has proposed to launch an XRP-based ETF following approvals from the Securities and Exchange Commission (SEC). Bitcoin And Ethereum Earlier this year, EFS from various organizations
ETFs are popular investment vehicles that trade on stock exchanges and provide investors with exposure to assets. Crypto ETFs approved in the US this year have become extremely popular and have generated billions of dollars in revenue in a short period of time.
Based in San Francisco, California, Bitwise is a crypto asset manager that offers clients multiple investment funds.
Bitwise confirmed that the filing was genuine, but told Decrypt that it would not comment on “proof-of-concept funds.”
XRP was created by the founders of Ripple, a fintech company that wanted to speed up cross-border payments. The cryptocurrency and the company now operate separately.
There is no guarantee that the SEC will approve the XRP ETF after a years-long legal battle with Ripple. SEC hit Ripple is suing for $1.3 billion in 2020, alleging that the company sold unregistered securities in the form of XRP to investors to raise money.
Last year, Ripple He won a partial court victory A judge at the SEC ruled that programmatic sales of XRP to retail investors did not qualify as securities.
The judge also said that there are 728 million dollars in contracts for the sale of institutions He did Constitutes unregistered securities sales, the decision said. It sent shock waves It was interpreted as a victory by the industry and for the crypto industry at large.
The price of XRP is now at $0.61, an increase of 3% in the last seven days.
Additional reporting by Andrey Begansky
Edited by Andrew Hayward.
Editor's note: This story has been updated after publication with additional details.
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