- 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 and operates under the oversight of the Swedish Financial Supervisory Authority.
- The Virtune XRP ETP is 100% physically backed and fully collateralized, ensuring that each unit of the ETP is supported by an equivalent amount of XRP.
Virtune launches its newest exchange-traded product, the Virtune XRP ETP, on Nasdaq Stockholm, providing secure and regulated exposure to XRP for Nordic investors.
Groundbreaking Launch of Virtune XRP ETP on Nasdaq Stockholm
On 2 July 2024, the Swedish digital asset manager Virtune announced the arrival of its latest exchange-traded product (ETP), the Virtune XRP ETP, to be traded on Nasdaq Stockholm. The launch represents a significant advancement for the Nordic cryptocurrency investment market, offering both institutional and retail investors regulated and secure exposure to XRP, a leading cryptocurrency known for its efficient cross-border payment capabilities.
Virtune’s Strategic Position in the Crypto ETP Market
Virtune AB, known for its extensive range of cryptocurrency-backed ETPs, operates under the stringent oversight of the Swedish Financial Supervisory Authority. Their array of products, which include physically backed ETPs for Bitcoin, Ethereum, and staking products for assets like Polkadot, Solana, and Cardano, adhere to European regulatory standards, ensuring robust investor protection. By partnering with reputable custodians like Coinbase, Virtune guarantees the institutional-grade security of the underlying assets through cold storage solutions.
Details and Insights Into Virtune XRP ETP
The newly launched Virtune XRP ETP is uniquely designed to provide investors with direct exposure to XRP. As with all Virtune’s exchange-traded products, this ETP offers complete physical backing, ensuring that each unit correlates with an equivalent amount of XRP held securely by Coinbase. The product, denominated in Swedish Krona (SEK), is particularly attractive to Nordic investors and is accessible through prominent Nordic investment platforms such as Avanza and Nordnet.
Some key features of the Virtune XRP ETP include:
- Exposure: 1:1 exposure to XRP
- Backing: 100% physically backed
- Management Fee: 1.49% annual management fee
- Ticker: VIRXRP
- First Day of Trading: 2 July 2024
- ISIN: SE0021486156
- Stock Exchange: Nasdaq Stockholm
Significance of XRP in Cross-Border Payments
XRP, the digital asset underpinning the ETP, was designed to facilitate fast, efficient, and cost-effective cross-border payments. Unlike traditional banking systems, XRP processes transactions within seconds, offering a significant advantage for international transfers. Additionally, the blockchain technology supporting XRP ensures robust security, transparency, and reliability, while its low transaction fees make it an ideal choice for high-volume transfers.
CEO’s Perspective on the New Launch
Christopher Kock, CEO of Virtune, expressed great enthusiasm for the launch, emphasizing the company’s progress over the past year in terms of growth and product innovation. Kock highlighted the importance of meeting investor demand for secure, regulated investment options in XRP by introducing the Virtune XRP ETP on Nasdaq Stockholm. “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,” he stated, underscoring the product’s accessibility and security.
Conclusion
In summary, the launch of the Virtune XRP ETP on Nasdaq Stockholm marks a pivotal moment for both Virtune and Nordic investors. By providing 100% physically backed, regulated exposure to XRP, Virtune continues to lead the way in offering secure and accessible cryptocurrency investment options. This new product not only meets the growing market demand but also sets a new standard for cryptocurrency ETPs in Europe.
