HashKey Capital has introduced the HashKey XRP Tracker Fund, which is the first fund in Asia solely dedicated to monitoring XRP's performance. This fund is now accessible to professional investors, with Ripple supporting the initiative as an early investor.
Interest from institutions in investing in XRP continues to grow. HashKey mentions that XRP offers a more efficient and quicker option compared to traditional cross-border payment systems. The fund is in line with HashKey Capital's objective of bridging conventional finance with digital asset markets. Investors have the option to subscribe using cash or in-kind contributions and can redeem or subscribe to shares monthly.
CF Benchmarks, renowned for its role in global ETF markets, will be providing the fund's benchmark. According to Vivien Wong, a Partner at HashKey Capital, XRP is seen as a groundbreaking cryptocurrency in today's market, attracting global enterprises for transactions, tokenizing, and storing value, and with the introduction of the first XRP Tracker Fund in the region, access to XRP is facilitated to meet the demand for investment avenues in top digital assets.
Notably, Ripple acquired the prime brokerage platform Hidden Road for $1.25 billion recently, marking one of the most substantial acquisition deals in the crypto and blockchain industry. Meanwhile, Hidden Road has secured a broker-dealer license from the Financial Industry Regulatory Authority (FINRA).
XRP's popularity among institutional investors is continuously rising, with Standard Chartered predicting that XRP could surpass Ethereum by 2028 due to the increasing need for efficient cross-border payment solutions and the evolving dynamics of global trade.
Moreover, interest in XRP ETFs is on the rise, as exemplified by the approval Teucrium Investment Advisors received for the Teucrium 2x Long Daily XRP ETF (XXRP) on NYSE Arca, making it the first leveraged XRP ETF in the U.S. Grayscale and 21Shares are eagerly awaiting decisions from the SEC on their XRP-based products, with review periods of up to 240 days for the Grayscale XRP Trust and the 21Shares Core XRP Trust.
Despite a recent decline of around 20% in XRP's price over the past month, institutional confidence in XRP remains strong. Ripple has made progress towards resolving its longstanding legal dispute with the SEC, with a joint motion to pause court proceedings granted, extending the timeframe for both parties to reach a settlement by an additional 60 days.