Franklin Templeton has added a new product to its digital asset lineup with the launch of its XRP-focused exchange traded fund, XRPZ. The fund began trading Monday on NYSE Arca and is designed to track the market price of XRP, one of the largest cryptocurrencies by market value.
Roger Bayston, head of digital assets at Franklin Templeton, said the decision reflects the firm’s view that blockchain technology is driving the next wave of fast-growing businesses. He noted that tokens such as XRP play a role in motivating participation in decentralized networks and in aligning the interests of various stakeholders.
The debut of XRPZ places Franklin Templeton alongside Grayscale, Canary Capital, and REX Shares, all of which have recently rolled out XRP ETFs. XRP is currently the fourth largest cryptocurrency and is closely tied to Ripple Labs. It was built to support quick and low cost cross border payments, a feature that has helped it maintain long-term relevance in the market.
Franklin Templeton manages more than 1.5 trillion dollars in assets and has already launched ETFs that track Bitcoin and Ethereum. The firm said its growing suite of digital asset funds reflects its commitment to providing secure and transparent products for investors interested in the evolving crypto space.
In a statement, the company emphasized that these offerings aim to give institutions and retail investors clear access to a market that continues to shift and expand.
