Hashkey Capital has launched the XRP Tracker Fund, positioned as Asia’s first regulated investment vehicle for tracking XRP performance. That matters more than the headline suggests: it opens an institutional on-ramp into XRP for professional investors who have wanted exposure but couldn’t touch crypto directly because of custody, compliance, and operational hurdles.
Who’s behind it
Hashkey isn’t a startup experimenting with a new asset class. The firm already runs Hong Kong’s spot Bitcoin and Ethereum ETFs, so it has a working regulatory playbook for bringing crypto exposure to institutional clients in Asia. For this fund, Hashkey is working with CF Benchmark, the same benchmarking provider used by major ETFs in both the U.S. and Asia-Pacific, to manage pricing and valuation.
The structure is flexible by design. Investors can put in cash or XRP, and they can redeem monthly in whichever format they prefer. That flexibility, combined with regulated custody, is what removes the friction that has kept a lot of institutional money on the sidelines.
Why Hashkey picked XRP
In its announcement, Hashkey pointed to XRP’s cross-border payment utility as the core reason global enterprises use it for transactions, tokenization, and value storage. Fiona Murray, Ripple’s director for Asia-Pacific, said the fund is what her institutional clients have been asking for: a regulated XRP product in the region.
This isn’t a one-off product either. Hashkey has positioned the fund to potentially convert into Asia’s first XRP ETF down the line, and the firm has said it’s exploring tokenizing a money market fund on the XRP Ledger. Hashkey and Ripple are also partnering on a broader set of investment products covering cross-border payments, DeFi, and enterprise blockchain adoption.
What this actually opens up
The practical effect is that professional investors in Asia-Pacific can now get regulated XRP exposure without holding the asset themselves or managing crypto custody in-house. That’s the same pattern that played out when Hong Kong’s Bitcoin and Ethereum ETFs launched: institutional capital that had been waiting for a compliant wrapper started moving once one existed.
Whether this fund draws that same scale of capital is still to be seen. What’s clear is that the barriers that kept a lot of Asian institutional money out of XRP, regulatory uncertainty, custody risk, and lack of a benchmarked product, have been addressed by a firm with a track record of doing exactly this successfully in the region.
Educational only, not tax, legal, or investment advice. Check primary sources and speak with a qualified professional before making financial decisions.
