The ongoing fiasco between the United States Securities and Exchange Commission (SEC) and Ripple still continues to damage XRP, the native cryptocurrency of the very well-known blockchain payments firm. The current bad news for the fourth-ranked digital currency is that it has been ditched completely by a famous crypto fund manager.
According to an official announcement made recently, the major digital asset management firm Grayscale Investments has taken a step forward to dissolve its Grayscale XRP trust fund completely. As per the announcement, the decision was taken by the asset manager in the wake of the lawsuit filed by the SEC against the remittance payments giant Ripple, its executive Chairman Chris Larsen, and the company’s Chief Executive Officer (CEO) Brad Garlinghouse.
This announcement of XRP Trust dissolution by Grayscale Investments has come one week after the firm conducted the sale of all of its XRP holdings available in its Digital Large Cap Fund. By selling XRP tokens, it purchased additional amounts of other digital coins including Bitcoin (BTC) the world’s top-ranked digital currency.
The termination of XRP trust by Grayscale is also shocking news for those institutional investors who were interested in purchasing the fourth-ranked cryptocurrency as they now won’t be able to build exposure to XRP through Grayscale. Now, they will have to find another way of investing in XRP.
Grayscale’s decision to dismiss XRP trust shows that worst days for XRP are not over yet and it may still have to suffer further in the coming days. A vast list of crypto exchanges is there that have already distanced from this digital currency as they have prohibited the trading of XRP on their trading platforms.
Meanwhile, the parent company of XRP is constantly running its operations. As reported by TokenHell, the company has made a new partnership with Mobile Money, an e-wallet firm based in Malaysia, in order to strengthen seamless, fast, and cost-effective remittances across its corridor. A few days ago, it announced that it was hiring central bank technical partner managers who may look after the central bank digital currency projects’ designing and deployment. The company is planning on taking its XRP Ledger (XRPL) to central banks.
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