Company associated with crypto exchange HashKey will launch Asia’s first XRP fund

What’s new? Asset management company HashKey Capital has announced the launch of the HashKey XRP Tracker Fund. The product will be Asia’s first investment fund designed to track the returns of fintech company Ripple’s XRP token, which ranks fourth in the cryptocurrency market capitalization rankings after bitcoin, Ethereum, and USDT at over $121,1 billion.

Material by The Block

What else is known?

“XRP stands out as one of the most innovative cryptocurrencies in today’s market, attracting global enterprises who use it to transact, tokenize, and store value,” HashKey Capital said.

The fund will be available to professional investors who want access to XRP without having to buy and hold the asset directly.

HashKey Capital and Ripple are aiming for a long-term partnership, and the launch of the fund is the first in a string of many planned projects. Ripple will provide seed funding as the main investor.

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Thus, the parties will cooperate in the development of new investment products and solutions in the field of cross-border payments, decentralized finance (DeFi) and blockchain implementation in enterprises. In addition, thanks to Ripple, HashKey Capital will expand its relationships with financial institutions, regulators, and investors in the region.

Ripple’s managing director for APAC, Fiona Murray, also noted that HashKey Capital’s prominence, combined with the strong influence of cryptocurrencies in the region, will help cement Asia’s leadership role in blockchain technology.

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HashKey Capital already manages a suite of crypto investment products, including bitcoin and Ethereum-based spot funds launched in partnership with Bosera and available on the Hong Kong Stock Exchange.

HashKey Capital is part of the HashKey Group, a crypto finance group of companies with a valuation of over $1 billion that includes, among others, HashKey Global and Hong Kong-based crypto exchange HashKey Exchange, as well as numerous other units.

Earlier this year, Dubai’s regulator approved the issuance of a crypto license to HashKey Group, which will allow it to offer broker-dealer services to retail investors.

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With the start of Donald Trump’s second presidential term, market participants expected the launch of XRP based exchange-traded funds in the United States. Standard Chartered predicted that such products would be allowed to enter the market in the third quarter and would raise up to $8 billion in the first year.

At least seven asset management companies have filed applications with the US Securities and Exchange Commission (SEC) to launch XRP funds. The regulator has until May 22 to respond to the application from Grayscale.

In addition, after the change in leadership, the SEC is seeking to end a legal battle with Ripple over the status of XRP, which has been dragging on since 2020. Within its framework, the court has already recognized that retail sales of the asset are not an offering of securities.