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XRP-Backed ETP Launches on Europe's Leading Exchange for Digital Assets

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Sat, 04/23/2022 - 17:00
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Tomiwabold Olajide
XRP will join the company's suite of institutional-grade crypto exchange-traded products (ETPs)
XRP-Backed ETP Launches on Europe's Leading Exchange for Digital Assets
Cover image via stock.adobe.com

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ETC Group has announced the listing of its XRP-backed ETC on Deutsche Börse Xetra, Europe's leading exchange for digital assets. Interest in exchange-traded cryptocurrencies (ETC) has been growing as these provide investors with a safer and more liquid way to gain exposure to the underlying digital assets.

XRP will join the company's suite of institutional-grade crypto exchange-traded products (ETPs) including Bitcoin, Ethereum, Solana, Cardano, Polkadot, Litecoin, Avalanche, and Cosmos, Polygon, and Uniswap that trade on Xetra.

Bradley Duke, Founder of ETC Group, states the reason behind the choice of XRP: "Ripple is rapidly becoming a leader in global payment systems with hundreds of financial institutions choosing Ripple to provide a better international payments experience for their customers, in real-time.''

As previously covered by U.Today, Ripple CEO Brad Garlinghouse pointed out that despite the lengthy lawsuit, Ripple is currently battling with the United States Securities and Exchange Commission, the company is enjoying "record growth'' outside the U.S.

The uptake of RippleNet's On-Demand Liquidity (ODL) service in the Asia Pacific (APAC) and Middle East (MENA) region continues to grow in response to increased demand for quick settlements and immediate access to funds. APAC reportedly is one of the fastest-growing regions for RippleNet, where transactions have risen 130% year-over-year.

In recent updates shared by defense lawyer James K. Filan on the XRP lawsuit, Ripple and the SEC have filed a joint scheduling letter proposing opening briefs for summary judgment and expert challenges in August and closing briefs a few days before Christmas.

Ripple's general counsel, Stuart Alderoty, says Ripple is pushing hard to settle the case as soon as possible, although a likely resolution might come in 2023. He says, ''To all that have been following the case thus far – thank you. Know that Ripple is pushing hard (and the Court is working hard) to resolve the case as soon as possible, despite the SEC time and again doing everything they can to delay.''

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.