In a move signaling the increasing convergence of traditional finance and digital assets, DeFi Technologies Inc. has announced the launch of an XRP Exchange Traded Product (ETP) in Europe. Scheduled for early December 2023, this initiative is undertaken by Valour Inc., a wholly-owned subsidiary of DeFi Technologies, known for pioneering innovative digital asset investment products.
XRP ETP Launch Follows Growing Demand The introduction of the Ripple XRP ETP represents a significant stride in Valour’s product portfolio, catering to the growing European interest in diverse digital asset investments. As Marco Infuso, Chief Sales Officer of Valour, stated, “Adding XRP to our suite of products caters to the growing demand for diverse digital asset investments in European markets.”
The move aligns with Valour’s mission to democratize access to digital assets, offering simplified investment solutions through traditional banking and brokerage channels.
XRP, with a market capitalization of $31.6 billion and a ranking as the fifth-largest cryptocurrency globally, is a key player in the digital currency space, as the official press release acknowledges. DeFi Technologies further highlights the tokens’ functionality for rapid, low-cost international money transfers, functioning as a bridge currency in RippleNet’s payment network.
“This has positioned XRP as a preferred choice for financial institutions seeking efficient alternatives to traditional cross-border payment methods,” the fintech company remarks.
DeFi Technologies, Valour’s parent company, operates at the intersection of traditional capital markets and decentralized finance (DeFi). It focuses on bringing innovative Web3 technologies to the broader investor community, backed by a team with extensive experience in financial markets and digital assets.
This strategy is reflected in their latest offering as they expand their reach and influence in the evolving financial ecosystem. Valour’s existing product range is extensive, featuring digital asset ETPs such as Valour Uniswap (UNI), Cardano (ADA), Polkadot (DOT), Solana (SOL), Avalanche (AVAX), Cosmos (ATOM), Binance (BNB), Enjin (ENJ), Bitcoin Carbon Neutral (BTCN), and Valour Digital Asset Basket 10 (VDAB10).
These products, including flagship offerings like Bitcoin Zero and Ethereum Zero, emphasize Valour’s commitment to providing accessible and innovative investment options for Europe in the digital asset space.
Accompanying the ETP announcement, DeFi Technologies closed an oversubscribed private placement, raising C$1,890,000 by selling 11,812,500 units. This financial boost is slated for corporate purposes, including expanding digital asset offerings.
Valour’s continued focus on product innovation is evident in their plans to introduce more traditional and physically backed ETPs shortly. At press time, XRP traded at $0.6136.
XRP breaks out of downtrend channel, 1-day chart | Source: XRPUSD on TradingView.com Featured image from Kraken Blog, chart from TradingView.com