On 2 July 2024, Virtune, a regulated digital asset manager based in Sweden, announced the launch of its newest exchange-traded product (ETP), the Virtune XRP ETP, on Nasdaq Stockholm.
Virtune AB specializes in offering exchange-traded products (ETPs) that are backed by cryptocurrencies. Virtune operates under the oversight of the Swedish Financial Supervisory Authority and has an approved EU Base Prospectus, ensuring that its products adhere to European regulatory standards.
Virtune provides a variety of ETPs that allow investors to gain exposure to different cryptocurrencies. These products include physically backed options for Bitcoin, Ethereum, and other major cryptocurrencies, as well as staking products for assets like Polkadot, Solana, and Cardano. These ETPs are traded on major European exchanges, including Nasdaq Stockholm and Boerse Stuttgart, making them accessible to a broad range of investors.
The company’s leadership includes CEO Christopher Kock, CTO and COO Peter Arvidsson, and CFO Daniel Lundberg, all of whom have extensive backgrounds in business development, financial management, and technology. Virtune collaborates with leading custodians, such as Coinbase, to ensure the security of the underlying assets through institutional-grade cold storage solutions.
In a press release issued earlier today, Virtune says that today’s launch represents a significant milestone for the Nordic crypto investment market, offering secure and regulated exposure to XRP, one of the leading cryptocurrencies designed for efficient cross-border payments.
The Virtune XRP ETP is designed to provide investors with direct exposure to XRP. As with all of Virtune’s exchange-traded products, the Virtune XRP ETP is 100% physically backed and fully collateralized. This ensures that each unit of the ETP is supported by an equivalent amount of XRP, securely stored with Virtune’s custodian, Coinbase.
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The ETP is denominated in Swedish Krona (SEK), making it particularly accessible to Nordic investors. It is available for trading on popular Nordic investment platforms such as Avanza and Nordnet.
Key Information about Virtune XRP ETP
- Exposure: 1:1 exposure to XRP
- Backing: 100% physically backed
- Management Fee: 1.49% annual management fee
- Full Name: Virtune XRP ETP
- Short Name: Virtune XRP
- Ticker: VIRXRP
- Trading Currency: SEK
- First Day of Trading: 2 July 2024
- ISIN: SE0021486156
- Stock Exchange: Nasdaq Stockholm
Virtune sys that XRP is a digital asset created to facilitate fast, efficient, and cost-effective cross-border payments. It also mentions that unlike traditional banking systems, XRP transactions are processed within seconds, making it a preferred option for international transfers. It adds that XRP blockchain technology ensures robust security, transparency, and reliability. Additionally, Virtune highlights that XRP’s low transaction fees provide a significant advantage for high-volume transfers.
Christopher Kock, CEO of Virtune, expressed excitement about the launch, highlighting the progress Virtune has made in 2024 regarding growth and product development. He emphasized that the introduction of the Virtune XRP ETP on Nasdaq Stockholm meets the growing demand among investors for secure and accessible investment options in XRP.
Kock noted, “This innovative product is 100% physically backed with XRP being stored with our custodian Coinbase, and is accessible for both institutional and retail investors through several brokers and banks. This launch fulfills the growing demand among investors looking for a secure and accessible way to invest in XRP.”
Featured Image via Pixabay
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- Source: https://www.cryptoglobe.com/latest/2024/07/xrp-is-ideal-for-international-transfers-says-sweden-based-digital-asset-manager/
