menuIcon
$ 103,724.3
BTC
$ 103,724.3
-0.02 %
$ 2,518.95
ETH
$ 2,518.95
-0.46 %
$ 0.8030
ADA
$ 0.8030
-2.60 %
$ 653.83
BNB
$ 653.83
-3.57 %
$ 175.09
SOL
$ 175.09
0.57 %
Sujit Kumar
Jan 20, 2024
by Sujit Kumar

BlackRock Denies Plans for Spot XRP ETF Amidst CEO's Silence

Blackrock denies spot etf
Asset management giant BlackRock is dismissing rumors of launching a spot XRP ETF, contradicting CEO Larry Fink's recent cryptic remarks. Fink's silence on the matter had sparked speculation, especially following the firm's entry into the spot Bitcoin ETF arena. Despite filing for a spot Ether ETF, BlackRock maintains no intentions for a spot XRP ETF.

BlackRock's decision, as disclosed by insiders, comes after Larry Fink declined to comment definitively on the potential launch of an XRP ETF. The company's recent filing for an iShares Ethereum Trust suggests a focus on diversifying its cryptocurrency offerings. Coinbase is set to serve as the custodian for these ETFs.

XRP, the native token of the XRP Ledger, has been making strides in adoption, recently surpassing 5 million wallets. Transaction numbers have consistently exceeded 5 million, emphasizing growing usage. Over the past year, XRP's value surged by approximately 65%.

Despite ongoing legal battles, including a lawsuit from the U.S. SEC in 2020, Ripple, the company behind XRP, has seen recent legal victories. A judge determined that XRP was initially a security when sold to institutional investors but not when offered to the general public. Analysts suggest a bullish outlook, predicting XRP's potential climb to $27 per token.

As the cryptocurrency market continues to evolve, BlackRock's strategic decisions reflect a nuanced approach to diversification within the growing digital asset landscape.

Follow us on: News
Blackrock denies spot etf
BlackRock Denies Plans for Spot XRP ETF Amidst CEO's Silence
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

Top Picks