In a surprising turn of events, an XRP Exchange-Traded Product (ETP) from 21Shares (formerly Amun) surfaced on Fidelity Investments' web-based platform, triggering mixed reactions and controversy within the XRP community. The discovery was initially hailed as a groundbreaking move, but a closer investigation reveals a more nuanced reality.

Growing Demand for XRP ETF:

Amid discussions about the potential for spot Bitcoin ETFs, 2024 is being touted as a pivotal year for XRP. Both investment firm Grayscale and asset manager Fidelity have shown interest in offering XRP products, with Grayscale recently re-adding XRP to its Grayscale Digital Large Cap (GDLC) fund following a July 2023 ruling that classified XRP as a non-security.

The reintroduction of XRP into Grayscale's portfolio sparked speculation about an imminent XRP ETF. XRP proponents have been actively advocating for an XRP ETF, emphasizing the asset's unique legal clarity in the United States.

Fidelity's Alleged XRP ETP:

Controversy erupted when the official X account of the Good Morning Crypto podcast shared a screenshot of what was thought to be an XRP ETP on Fidelity Investments' digital platform. However, an investigation by The Crypto Basic revealed that Fidelity had not actually launched an XRP ETP.

The product displayed on Fidelity's platform is the XRP ETP (ticker: AXRP) launched by Amun AG in April 2019, trading on public Swiss exchanges like the SIX Swiss Exchange. Amun rebranded its ETP investment line to 21Shares a year later, including the XRP ETP.

Contrary to circulating claims, this is not a new ETP, nor is it one launched in the U.S. The product, backed by 100% physical XRP, has $51,315,328 ($51.3 million) in assets under management. While not registered in the U.S., its custody service provider is Coinbase Custody, a common choice for asset managers exploring Bitcoin ETFs. Authorized participants include U.S.-headquartered trading firms such as Jane Street.

Clearing the Confusion:

The revelation clarifies the confusion surrounding the purported Fidelity-launched XRP ETP. The product in question is an existing 21Shares XRP ETP, debunking claims of Fidelity's involvement in launching a new XRP ETP.

As discussions around XRP ETFs continue, the factual understanding of existing products becomes crucial. The controversy highlights the need for accurate information dissemination in the dynamic world of cryptocurrency investments, where clarity is key for investors and enthusiasts alike.