Bitwise Asset Managementis opening its spot XRP ETF for trading in the US today on the New York Stock Exchange. The ETF, which will be listed with the symbol “XRP”, will reset the 0.34 percent fund management fee for assets up to $500 million during the first month. Bitwise CIO Matt Hougan said: XRPHe emphasized that is a strong network that provides high transaction volume at low cost.
Bitwise Launches Second Spot XRP ETF in the US
Bitwise’s new product is its second in the US after Canary Capital’s XRPC fund, which launched last week. spot XRP ETFIt will have . Canary’s ETF quickly attracted $276.8 million in net inflows. Bitwise previously offered direct access to XRP to investors in Europe with its physically collateralized product called “Bitwise Physical XRP ETP (GXRP)”. With this new move of the company, XRP has gained popularity on a global scale. ETF It will become one of the most comprehensive altcoins in terms of access. XRP is now the world’s third-largest non-stablecoin with a market cap of $127.3 billion. cryptocurrency in position.
Hougan stated that XRP has been working stably for a long time and can process millions of transactions with low fees and said, “The XRP community creates an extremely dynamic and powerful ecosystem.” of the company in the statement It was also emphasized that XRP challenges traditional systems in cross-border payments.
Altcoin ETF Wave Gains Speed
Bitwise’s step in the USA altcoin It is the newest link in the ETF wave. Grayscale’s GXRP ETF and Dogecoin, according to Bloomberg analyst James Seyffart 
$0.157831 Its ETF will begin trading on Monday next week. Franklin Templeton’s XRP ETF is also expected to launch on the same date. Thus, the number of altcoin-based ETFs in the US market will increase rapidly.
US Securities and Exchange Commission(SEC)’s clarification of the processes for cryptocurrency ETF applications has opened a new legal route for issuers. In this way, many institutions can launch their products without the need for direct approval from the SEC. in recent weeks solanaXRP, Litecoin 
$93.76 And Hedera -based ETFs have attracted intense interest from investors. There has been a net inflow of $420.4 million so far in Solana ETFs alone. 21Shares’ TSOL ETF started trading as of today.
