Accredited investors in the US will soon have a new way to invest in XRP without directly purchasing through exchanges, thanks to the introduction of new depository receipts.
Alternative Investment in XRP
According to FOX Business journalist Eleanor Terrett, Digital Wealth Partners and Receipts Depository Corps are preparing to launch depository receipts tied to XRP. These financial instruments allow investors to track XRP prices and engage in market trends without directly owning the cryptocurrency. The structure of these receipts resembles exchange-traded funds and American depository receipts, enabling investors to trade foreign shares without purchasing them outright.
Custody Services by Anchorage Digital
The forthcoming XRP receipts will be custodied by Anchorage Digital, a federally chartered crypto bank regulated by the US Office of the Comptroller of the Currency. This arrangement could enhance security and regulatory oversight, attracting institutional investors.
Market Reaction and XRP Price
Following the announcement, XRP's price surged briefly from $2.42 to approximately $2.50 but quickly declined below $2.40. At the time of writing, XRP is trading at $2.41, marking a 24-hour loss of 0.55% but a gain of 1.04% over the past week.
The introduction of XRP depository receipts could be a significant development in institutional adoption. The response from regulators and investors is awaited following the official launch.
