• Franklin Templeton is increasing its involvement in cryptocurrencies by introducing the XRP ETF (XRPZ). 
• The competition among issuers is increasing, and it means that there is a boom in the demand for regulated exposure to XRP.
• The utility of the XRP is still an attraction to institutional investors that prefer to access the crypto market via ETFs.  

Top asset manager, Franklin Templeton, now has an XRP ETF, called XRPZ. The new fund will enable faster access to digital assets by institutions.

Franklin Templeton Grows Cryptocurrency Portfolio

The fund, listed under the ticker XRPZ on NYSE Arca, began trading on Monday. It aims to reflect the real-time price of XRP.

The introduction of the XRPZ fund lets Franklin Templeton deepen its influence in the ever-expanding market of regulated crypto investment funds. The introduction of XRPZ is part of its overall digital asset strategy.

Franklin Templeton already has Bitcoin and Ethereum ETFs, and it believes that XRP will be of significance to its investors who want more diversified exposure. Roger Bayston, the firm’s head of digital assets, wrote that blockchain innovation is driving new economic activity more rapidly.

The introduction of XRPZ is coming at a time when competition in XRP-centered products is growing stronger.

Also Read | Grayscale Launches Dogecoin and XRP ETFs on NYSE November 24

Institutional Interest Grows Due to XRP’s Real-World Utility

Currently, there are Grayscale, Canary Capital, and REX Shares XRP ETFs. The launch of these ETFs indicates an increasing investor interest in regulated crypto products as the industry is becoming more mature.

XRP continues to be among the most valuable digital assets based on market value and is commonly used in performing cross-border transactions. It has been designed for quick settlements. In addition, its low operational charges are appealing to payment networks and liquidity providers.

Franklin Templeton has over $1.5 trillion in assets under its management and is planning to include digital asset products in its long-term plan. According to the firm, the addition of XRPZ will help it to increase its obligation to provide safe platforms for investors in the crypto space.

New XRP ETF Filings are Accelerated by Demand

The asset manager is convinced that regulated ETFs offer a more convenient gateway for institutions that are still unsure about how crypto exchanges work. It predicts that the digital asset market will continue to mature because of the influx of more investors into the blockchain-based assets.

According to Bloomberg analyst Eric Balchunas, more crypto ETFs will still be launched before the year ends. Most issuers have been striving to introduce new funds into the market as investors look for easy access to the best tokens.

Also Read | Bitwise XRP ETF Sees Rapid $22M Surge in Early Trading: Report