Ripple Takes Asia By Storm With New XRP Product, Here Are The Recent Developments
Ripple is entering the Asian market with a new XRP product in collaboration with HashKey Capital, which has launched Asia's first XRP Tracker Fund. This initiative aims to enhance institutional access to XRP, recognized for its efficiency in cross-border payments compared to traditional systems like SWIFT. The fund is HashKey's third tracker fund, following Bitcoin and Ethereum ETFs, with potential plans to convert it into an ETF pending regulatory approval. Ripple will provide initial investment for the fund, marking a strengthened partnership between the two firms. Additionally, they are exploring new investment products and cross-border DeFi solutions. Ripple's recent acquisition of prime broker Hidden Road for $1.25 billion aims to enhance XRP's utility in both traditional and decentralized finance. Speculation exists that the Federal Reserve may consider using XRP for its FedNow payment system, although no official confirmation has been made. Ripple's ongoing legal challenges with the SEC are nearing resolution, potentially facilitating greater institutional partnerships.
