From Monday, Dogecoin (DOGE) and XRP can be traded for the first time via regulated exchange funds on NYSE Arca. Grayscale will then launch two new ETFs that provide direct access to these popular crypto coins.
DOGE and XRP from now on via regulated ETFs
The Grayscale Dogecoin Trust (GDOG) and XRP Trust (GXRP) are so-called spot ETFs. They are fully backed by real crypto coins, unlike futures funds. This gives investors direct exposure to the price movements of DOGE and XRP.
DOGE and XRP increasingly attractive to institutional investors
The launch of GXRP coincides with the fourteenth anniversary of the XRP Ledger. Since its inception, this blockchain for international payments has processed more than 4 billion transactions.
In recent years, Dogecoin has grown from a meme to one of the most traded digital assets worldwide. This also reflects the increasing interest of institutional parties in memecoins.
Grayscale responds to altcoin trend
With its launch, Grayscale is cleverly responding to the growing interest in altcoins. Earlier this week, Bitwise launched an XRP ETF, and next week Franklin Templeton will follow with a DOGE fund. Bitwise’s Solana ETF raised more than $400 million earlier this year.
Institutional investors are clearly starting to look beyond Bitcoin. The arrival of regulated ETFs for coins such as XRP and DOGE lowers the threshold and that could have major consequences for the prices.
Source: https://newsbit.nl/doge-en-xrp-etfs-van-grayscale-maandag-live-op-de-nyse/
