HashKey Capital and Ripple to Bring First-Ever XRP Tracker Fund to Asia

HashKey Capital, an affiliate of the blockchain company HashKey Group, has launched Asia’s first XRP-backed financial product in partnership with the blockchain payment platform Ripple. Dubbed the HashKey XRP Tracker, the new product will give holders indirect exposure to the fourth-largest cryptocurrency.

Without the hurdles of stock ownership, the HashKey XRP Tracker fund is set to be available to eligible investors who can invest in XRP.

A Symbiotic Partnership

Notably, XRP Tracker Fund is the first XRP-backed product to enter the Asian market. The investment vehicle leverages HashKey Capital’s expertise in professional asset management and Ripple’s expertise in blockchain technology and digital payments.

Commenting on future endeavors to be accomplished by the duo, HashKey Capital partner Vivien Wong pointed out that the partnership will make it possible to tokenize money market funds on the XRP Ledger, among many other opportunities. She stressed that the partnership will be symbiotic for both organizations.

“We will extend HashKey Capital’s connections to financial institutions, regulators, and investors in Asia to Ripple. At the same time, Ripple offers us the opportunity to collaborate on more investment products and solutions across cross-border payment solutions, decentralized finance (DeFi), and enterprise blockchain adoption,” she said.

Professional investors interested in the XRP-backed financial product can own the fund through cash purchases and in-kind subscriptions.

Ripple’s XRP Continues Growing

Notably, HashKey’s inclusion of an XRP-focused fund indicates that it supports three funds. The first two are the Bitcoin ETF and the Ethereum ETF, both traded in the Hong Kong market.

Choosing XRP, the fourth-largest cryptocurrency, comes shortly after the asset’s creator, Ripple, settled its years-long legal tussle against the United States Securities and Exchange Commission (SEC). Earlier this month, Ripple and the SEC agreed to jointly suspend their appeal of the decision in their legal dispute.

At the time of writing, the latest news has yet to reflect on XRP’s price. According to on-chain data on CoinMarketCap, the cryptocurrency’s daily traded volume has dropped by over 19% to $2.35 billion. Its trading price is currently $2.07.

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