#RippleLabs CEO #BradGarlinghouse believes that it is only a matter of time before the company launches an exchange-traded fund for $XRP
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In an interview with #Bloomberg Television, Garlinghouse expressed confidence that the XRP ETF will eventually be approved, which would be a major milestone for Ripple amid its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
“It's inevitable,” Garlinghouse said, noting the growing demand for cryptocurrency-backed ETFs and the massive influx of funds into bitcoin ETFs following their approval earlier this year.
“Since bitcoin-backed funds were first approved in January, $17 billion has flowed into the fastest-growing ETF in history,” Garlinghouse said. - This clearly shows that there is demand from organizations and retailers to access this asset class.”
Earlier in October, Bitwise Asset Management Inc. became the first firm to file with the SEC for an ETF tracking XRP, currently the world's seventh-largest cryptocurrency. Shortly afterward, Canary Capital Group, a digital asset-focused investment firm founded in September, also filed for a similar product, the Canary XRP ETF.
Garlinghouse said the approval of cryptocurrency ETFs #signals a trend toward greater institutional participation in the digital asset space: “It puts upward pressure on the prices of a lot of different cryptocurrencies, including XRP,” he said. * Not investment advice.
