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Ripple is a technology that acts as a cryptocurrency and as a digital payment network for financial transactions. It was first launched in 2012 and was co-founded by Chris Larsen and Jed McCaleb. The Ripple platform is an open-source protocol designed to enable fast and low-cost transactions. The platform has its own cryptocurrency (XRP).
Used by companies like UniCredit, UBS, and Santander, banks and payment networks have increasingly adopted Ripple as a settlement infrastructure technology due to the speed of payment within the network, the stability of the technology, and the capability of its currency as a bridge currency. There were 100 billion XRP created at the inception of Ripple, which is the cap of the currency according to the protocol's rules. Of the 100 billion created, 20 billion XRP were retained by the creators and the remaining 80% of the total was given to Ripple Labs for sale.
To understand a little more about what Ripple is and how it works, keep reading these articles about Ripple and its cryptocurrency XRP:
3iQ launched an XRP ETF on the Toronto Stock Exchange with Ripple as an investor
The new XRP ETF from 3iQ, backed by Ripple, begins trading on the Toronto Stock Exchange with no management fees for the first six months.
Canadian asset manager 3iQ has launched a new XRP-focused ETF for North American users. The 3iQ XRP ETF (XRPQ) began trading today on the Toronto Stock Exchange (TSX), offering investors direct exposure to the fourth largest digital asset by market capitalization.
Ripple, the blockchain company behind the XRP Ledger and the cryptocurrency XRP (XRP), is one of the early investors in the fund, 3iQ announced this Wednesday. To celebrate the occasion, the 3iQ team will ring the closing bell at the TSX this afternoon.
The ETF debuts with a management fee of 0% for six months. It exclusively invests in long-term positions of XRP acquired on reputable exchanges and OTC platforms, and all holdings are kept in cold storage, according to the announcement.
"The launch of XRPQ marks another milestone in our mission to provide investors with convenient and cost-effective access to digital assets within a regulated framework," said Pascal St-Jean, president and CEO of 3iQ.