Asset management firm Franklin Templeton has introduced its XRP exchange-traded fund, joining a widening field of crypto funds hitting the market.
The Franklin XRP ETF, ticker symbol XRPZ, launched on Monday on NYSE Arca, and looks to reflect the price of XRP.
“Blockchain innovation is driving fast-growing businesses, and digital asset tokens like XRP serve as powerful incentive mechanisms that help bootstrap decentralized networks and align stakeholder interests,” said Roger Bayston, head of digital assets at Franklin Templeton, in a statement.
Franklin Templeton follows Grayscale, Canary Capital and REX Shares, which have all now launched XRP ETFs. XRP is the fourth-largest cryptocurrency by market capitalization. It is associated with Ripple Labs and is designed to enable low-cost and fast international money transfers.
Franklin Templeton, which has over $1.5 trillion in assets under management, previously debuted other crypto ETFs, including ones tracking Bitcoin and Ethereum.
“Together, these funds underscore the firm’s commitment to offering secure, transparent, and institutional-grade solutions that help investors navigate the evolving digital asset landscape,” the firm said on Monday.
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