Ryan Rasmussen, head of research at Bitwise Invest, has revealed that a "multi-billion dollar wealth management team" is interested in allocating XRP in their clients' portfolios alongside some other cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
However, personally owning these tokens, they cannot do this for now due to the lack of approval.
"In their personal accounts, they own Bitcoin, Ethereum, Solana, XRP, and more. But they can't allocate to any of those in their client’s portfolios. They want to, but they aren’t allowed to," he said.
Last year, the crypto industry achieved significant progress in terms of institutional adoption, with the SEC approving a slew of Bitcoin and Ethereum exchange-traded funds (ETFs).
Alex DovbnyaRasmussen has noted that some compliance/due diligence teams at large wealth management firms are yet to approve these products despite the fact that Bitcoin ETFs launched more than a year ago.
XRP has also made significant strides in terms of institutional adoption with multiple US-based spot ETF applications. As reported by U.Today, CME Group is also on track to launch futures contracts for the third-largest cryptocurrency.
According to Polymarket bettors, an XRP ETF has an 80% chance of being approved this year. This will likely be a boon for the token's adoption since institutional players will be able to gain easier access to XRP.
Other tokens, such as Solana (SOL) and Litecoin (LTC), are also among the top candidates to get their own ETFs.
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Godfrey Benjamin
Dan Burgin
Vladislav Sopov