Teucrium Investment Advisors, an asset manager, is set to launch the first XRP-based exchange-traded fund in the US markets, a leveraged XRP (ETF) on the NYSE Arca.
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Teucrium Investment Advisors, an asset manager, is set to launch the first XRP-based exchange-traded fund in the US markets, a leveraged XRP (ETF) on the NYSE Arca.
As per the company's website, the Teucrium 2x Long Daily XRP ETF aims to provide a daily return of the XRP XRP$1.88 token with a 1.85% management fee and annual expense ratio. The XRP-based ETF will trade under the XXRP ticker beginning April 8.
The alternative asset manager said, "If you have a short-term high-conviction view on XRP prices, you may consider exploring the Teucrium 2x Long Daily XRP ETF."
XXRP currently has $2 million worth of net assets.
On April 7, Teucrium founder and CEO Sal Gilbertie told Bloomberg that the investors had shown strong interest in an XRP ETF and hinted that it may file to list more crypto ETFs in the future.
Spanish authorities have arrested six people who helped in operating a global AI-powered investment scam that stole over $20 million from at least 208 victims.
According to the Spanish police, victims were swindled up to three times by the scammers, after first stealing an initial sum through an investment scam, the fraudsters then contacted the victims twice more, masquerading as investment managers and then as authorities, offering to recover the stolen funds for a fee.
Deepfake ads of “national personalities” were used by fraudsters who promised high returns on crypto investments, and promised they would occasionally pose as financial advisers or even feign romantic interest to lure in victims.
The experts warned of a rise in AI-enhanced scams. On Feb. 13, Crypto Scam Revenue 2024, The analytics firm Chainalysis said, “scams more scalable and affordable for bad actors to conduct.”
“Victims were not selected randomly; instead, algorithms selected those whose profiles matched the cybercriminals’ searches,” Spanish police said.
Changpeng “CZ” Zhao, former Binance CEO has now been appointed as an adviser to Pakistan’s Crypto Council, which is a newly formed regulatory body tasked with overseeing the country’s embrace of blockchain technology and digital assets.
This appointment was confirmed by the Finance Ministry of Pakistan and was reported by Bloomberg on April 7. Zhao's appointment involves advising the regulatory body on cryptocurrency regulation, infrastructure and adoption, Bloomberg reported.
Zhao is a widely known name in crypto, and has served as CEO of Binance between 2017 and 2023. He then resigned as CEO of the exchange in November 2023 after pleading guilty to charges related to violating US money laundering laws.