Oct 2 Reuters Crypto asset manager Bitwise has filed an initial registration statement with the U.S. SEC for an exchangetraded product for XRP tokens, as it seeks to introduce more crypto products after a landmark regulatory decision to approve spot bitcoin ETF earlier this year.

Bitwise earlier this year was among the firms which got the nod from the Securities and Exchange Commission for their bitcoin ETFs. The approval came after a decadelong tussle between the digital asset industry and the SEC, which had rejected the products due to market manipulation concerns.

XRP is a digital token that powers the XRP Ledger XRPL public blockchain. XRPL is best known for its role in facilitating crossborder payments and remittances.

The token has a market value of above 30 billion, Bitwise said.

Exchangetraded product is a regularly priced security that trades on a stock exchange. It tracks underlying security, currency or an asset. These are similar to stocks and can be bought and sold during the day.

Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Maju Samuel

Source Reuters