On April 8, alternative asset management company Teucrium Investment Advisors LLC officially launched a leveraged ETF pegged to the cryptocurrency XRP, the first product in the U.S. market to offer such exposure, according to Bloomberg. XRP is the fourth largest cryptocurrency in the world with a market capitalization of approximately $111 billion and is also a core asset in a recent U.S. regulator investigation into Ripple Labs Inc.

According to Teucrium's official website, this product called "Teucrium 2x Long Daily XRP ETF" will achieve twice the leverage return on XRP's daily income through swap contracts, and will be officially listed on the trading platform on Tuesday, with the trading code XXRP and an annualized fee rate of 1.85%.

The launch of this product marks another bold attempt by traditional financial institutions in the layout of crypto assets, and also reflects the increasing market attention to the potential of XRP. It is worth mentioning that there are currently no active XRP futures contract trading platforms in the United States, but Teucrium stated in its fund prospectus that XRP futures and other financial instruments that can provide exposure to the asset may be included in the future.

Founded in 2010, Teucrium currently manages $311 million and has 12 ETFs covering multiple alternative markets.