HashKey Capital, the investment arm of cryptocurrency infrastructure developer HashKey Group, has announced the launch of the very first tracker fund for the XRP token in Asia. 

Ripple, the enterprise blockchain company linked to the token, is seeding the initial investment in the fund.  

The product, which is tailored for professional investors, is expected to be a boon for XRP's institutional adoption. 

This is the third tracker fund launched by HashKey after the Bitcoin and Ethereum ones. HashKey says that it picked the XRP token due to the fact that institutions and enterprises around the globe are already using it. "XRP is at the forefront of cross-border payments, enabling faster, cheaper, and more efficient transactions than traditional systems like SWIFT…" it said in a statement on social media.

Unlike an ETF, a tracker fund is not traded like a stock throughout a trading session, meaning that its price does not fluctuate in real time. Investors can buy or sell once a day, meaning that its liquidity is substantially lower. 

HashKey says that the XRP-based tracker fund could evolve into an ETF with additional regulatory approval. This could happen within the span of one or two years.