The investment fund is now offering to invest in its “Grayscale XRP Trust” but not everyone can have access to it. Explanations.
A new product available at Grayscale. The investment fund announced on Thursday, September 12, the launch of its “Grayscale XRP Trust”, one of the first securities to invest solely in the XRP cryptocurrency and derive value from it.
“We are proud to announce the creation of a new single-asset crypto investment fund, Grayscale $XRP Trust, which will be available through a private placement,” Grayscale said on X (ex-Twitter).
Following the announcement, XRP’s price rose 5.94%, from 48 cents to 52 cents, according to data from Coinmarketcap.
What are the conditions for accessing this private investment fund?
Not everyone can invest in the “Grayscale XRP Trust”. To invest through this private placement, the investment fund sets the minimum amount at $25,000 or $50,000 depending on the product. Also note that Grayscale imposes restrictions on the holding period of 6 to 12 months depending on the product for a private placement. In addition, a management fee of 2.5% applies.
“We believe Grayscale XRP Trust provides investors with exposure to a protocol with a significant real-world use case,” said Rayhaneh Sharif-Askary, Head of Product and Research at Grayscale.
“By facilitating cross-border payments that take just seconds to complete, XRP has the potential to transform existing financial infrastructure.”
For his part, Brad Garlinghouse, CEO of Ripple, expressed his surprise at this decision by Grayscale, but is obviously delighted with it.
“I was (pleasantly) surprised to see this news… even though it was inevitable, too?! As I said before, with XRP being regulated with clarity in the US and other countries, I think it’s only a matter of time for this space to grow.”
Grayscale now offers more than 20 cryptocurrency investment products, including the Grayscale Bitcoin Cash Trust ($121,011,796 in assets under management), the Grayscale Litecoin Trust ($117,552,590 in assets under management), and the Grayscale Ethereum Classic Trust, with $209,381,282 in assets under management.
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