New XRP ETF hits the market with launch of 21Shares' TOXR

A new XRP exchange-traded fund is on the block — 21Shares debuted its fund on the CBOE exchange with the ticker symbol TOXR.

On Thursday morning, the 21Shares XRP ETF launched on CBOE, tracking the fourth-largest cryptocurrency by market capitalization, according to a statement.

"The launch of TOXR will play a meaningful role to satisfy the growing investor appetite for cryptocurrencies in the U.S. market, and we are thrilled to offer investors exposure to XRP and the Ripple ecosystem," said Federico Brokate, global head of business development at 21shares, in a statement.

Over the past several weeks, other firms have also debuted XRP ETFs, including ones from Grayscale, Canary Capital, and REX Shares. XRP is associated with Ripple Labs and is designed to enable low-cost and fast international money transfers.

Coinbase, Anchorage Digital Bank, and BitGo will serve as a trio of custodians for the 21Shares XRP ETF, in an effort to increase security, the firm said on Thursday. 21Shares has other crypto ETFs on the market, including one focused on Solana.

 “We are seeing increased demand from U.S.-based clients for diversified crypto exposure and expect adoption of cryptocurrencies to continue to rise exponentially in the coming months and years," Brokate said.