Swedish Asset Manager Virtune Introduces First XRP ETP in Nordic Market

UTC by Chimamanda U. Martha · 3 min read
Swedish Asset Manager Virtune Introduces First XRP ETP in Nordic Market
Photo: Virtune / Facebook

In addition to the newly launched XRP ETP, Virtune offers access to ten other crypto-related products.

Swedish regulated digital asset manager Virtune has announced the launch of its new crypto-related exchange-traded product (ETP), dubbed Virtune XRP ETP. The product is listed for trading on the popular stock exchange Nasdaq Stockholm for investors within the region.

According to a press release published Tuesday, the new fund is the first-ever XRP-related ETP listed on the stock exchange. The product offers investors 1:1 exposure to the digital asset, which is heavily associated with Ripple, a blockchain payment infrastructure provider.

Key Details of the Virtune XRP ETP

Virtune stated that the new investment product began trading on Nasdaq Stockholm on June 2 under the ticker VIRXRP. The asset is also recognized by the short name Virtune XRP, and users can purchase the product using the local currency, Swedish kronor (SEK).

The company revealed that Virtune XRP carries an annual management fee of 1.49%, which is competitive within the industry. The product is also 100% physically backed, ensuring that each unit of the ETP is backed by an equivalent amount of XRP.

Furthermore, the asset manager mentioned that the fund is fully collateralized and available on both Avanza and Nordnet, Swedish digital banks for savings and investments.

Enhanced Access to Digital Assets

Virtune disclosed that the launch of the new investment product will provide investors in the Nordic region with greater access to digital assets. The 1:1 exposure and physical backing of the ETP make it an attractive option for those looking to invest in XRP without the complexities of directly purchasing and storing digital asset.

The company’s CEO, Christopher Kock, stated that the product, available for both experienced institutional investors and retail traders, will be custodied by the crypto exchange Coinbase.

“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,” Kock said.

He further stated that the introduction of the ETP into the Nordic market “fulfills the growing demand among investors looking for a secure and accessible way to invest in XRP.”

Virtune’s Expanding Portfolio

In addition to the newly launched XRP ETP, Virtune offers access to ten other crypto-related products. These offerings include Virtune Bitcoin ETP, Virtune Arbitrum ETP, Virtune Chainlink ETP, and Virtune Staked Cardano ETP.

The company is known within the Nordic market as an issuer of crypto exchange-traded products on regulated European exchanges.

The Swiss firm aims to empower investors around the world by providing access to innovative and sophisticated investment products that align with the evolving landscape of the global crypto market.

Cryptocurrency News, News, XRP News
Related Articles