Grayscale Launching XRP Trust Stuns Ripple CEO Brad Garlinghouse
- PHPzOriginal
- 2024-09-13 06:36:12750browse
Ripple CEO Brad Garlinghouse recently took to the X social media platform to react to digital currency asset manager Grayscale launching an XRP trust.
Ripple Labs CEO Brad Garlinghouse has reacted to the news of Grayscale launching an XRP trust with a funny GIF.
Grayscale, a digital currency asset manager, has announced the launch of a closed-end fund for XRP, paving the way for a potential Grayscale XRP ETF in the future.
After the news broke on Thursday, XRP’s price spiked by over 5%. Garlinghouse later took to the X social media platform to express his surprise at the announcement.
"I was pleasantly surprised to see this announcement this morning. As I've said before, with XRP having regulatory clarity in the US and other countries, I expect it’s only a matter of time for this space to grow," he said.
According to Fox Business, Grayscale, a subsidiary of Digital Currency Group, is planning to launch a closed-end fund for XRP. This could be a stepping stone to eventually launching an XRP exchange-traded fund (ETF).
Grayscale, known for its large cryptocurrency funds, liquidated its XRP Trust and removed the token from its large-cap fund after the U.S. SEC filed a lawsuit against Ripple Labs in late 2020. However, XRP returned to Grayscale's large-cap fund earlier this year.
As previously reported by U.Today, Garlinghouse has stated several times that the launch of a Grayscale XRP product was "inevitable." He also argued that investors would not want to have single-asset exposure, drawing parallels between crypto and precious metals, where gold investors might also want to get exposure to silver.
The Ripple exec also highlighted the token's market capitalization to explain why ETF issuers would be interested in it. Last year, the token finally received regulatory clarity in the U.S., with Judge Analisa Torres ruling in Ripple's favor by not deeming secondary XRP sales to be unregistered securities.
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