Despite a myriad of class action lawsuits hanging round its neck, Ripple (XRP) maintains relevance in the scheme of things. Indeed, a fast-growing Australian crypto exchange is including XRP in its special program for its wholesale investors. There is something new coming the way of XRP. CoinJar, one of Australia’s biggest cryptocurrency exchanges by trading volume, is listing XRP in its index fund program.
It’s A Digital Currency Fund
CoinJar, which styles itself Australia’s fastest digital currency trading exchange, is introducing a Digital Currency Fund. According to the statement on their blog, the aim of launching the index program is to help investors in managing and securing their crypto-asset investments more efficiently. Unfortunately, CoinJar is targeting a specific category of people – wealthy crypto-asset users. This index fund, CoinJar Digital Currency Fund, is specially designed for wholesale investors. With this index fund, a gateway is now available for them to invest with fiat currency. Additionally, this may diversify to other asset classes, the statement notes.
Classes And Their Benefits
In an official statement posted Thursday on their blog, the crypto exchange disclosed that the index fund comes in different categories, each with their unique benefits. These classes are Bitcoin Class, where an investor can only trade bitcoins (BTC). The other is Mixed Class, where an investor has options with four altcoins: Ripple (XRP), Bitcoin (BTC), Ether (ETH), and also Litecoin (LTC).
CoinJar promises a litany of benefits for hedge funds and high networth individuals willing to invest in this index fund. The cryptocurrency exchange pointed out that one of the benefits of investing in the Bitcoin Class is zero-fee establishment or contribution costs. It nevertheless made it clear that the Bitcoin Class attracts a management fee of 1.3% per annum while Mixed Class is 1.8% per annum in addition to normal operating costs. Furthermore, all crypto-assets invested in this program move into digital wallets guaranteeing topnotch security for investors’ funds.
Essence Of This Launch
The crypto exchange pointed out that this index fund coming after its (CoinJar’s) launch into the Australian market is an indication that it is growing and diversifying in the market. In summary, these programs allow investors to trade Australian Dollars against cryptocurrencies. Managed by CoinJar Asset Mgt. Ltd, these products will receive some of the best management and security services available worldwide, the company assures. It’s a good thing for the XRP community, given that the controversial cryptocurrency is getting preferential treatment. Elsewhere on some other exchanges, such as Coinbase, they are refusing to list it because of legal considerations.
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