New XRP Investment Vehicle Launches as 21Shares Debuts TOXR ETF

Reading Time: < 1 minute

A fresh exchange-traded fund providing exposure to XRP has entered the market. Investment firm 21Shares launched the TOXR ETF, which began trading on the CBOE exchange.

The fund officially started trading on Thursday, tracking the price of XRP, the cryptocurrency currently ranked as the fourth-largest by market value. The launch expands the roster of accessible crypto investment products in the US.

Federico Brokate, global head of business development at 21Shares, stated the product aims to meet rising US investor demand. “We are thrilled to offer investors exposure to XRP and the Ripple ecosystem,” Brokate said.

TOXR arrives following the recent introduction of other XRP-focused ETFs from asset managers like Grayscale and Canary Capital. XRP, developed by Ripple Labs, is engineered to facilitate rapid and low-cost cross-border payments.

To bolster security, 21Shares has appointed a multi-custodian structure for the fund’s assets. Coinbase, Anchorage Digital Bank, and BitGo will jointly serve as custodians. 21Shares also manages other single-asset crypto ETFs, including a fund centered on Solana.