Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 17

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 17
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) facilitates the issuance and redemption of Shares
of the Trust; (2) responds to correspondence by Trust Shareholders and others relating to its duties; (3) maintains Shareholder
accounts; and (4) makes periodic reports to the Trust.

The Cash Custodian

[●] acts as custodian
of the Trust’s cash and cash equivalents (the “Cash Custodian”). Pursuant to a cash custody agreement entered into with
the Trust (the “Cash Custody Agreement”), the Cash Custodian will establish and maintain cash account(s) for the Trust,
and, upon instructions from the Sponsor acting on behalf of the Trust, facilitate cash transfers and cash payments from the Trust’s
account(s).

The XRP Custodian

Coinbase Custody Trust
Company, LLC serves as the XRP Custodian and is a fiduciary under §100 of the New York Banking Law. The XRP Custodian is authorized
to serve as the Trust’s custodian under the Trust Agreement and pursuant to the terms and provisions of the Custodial Services
Agreement. Under the Custodial Services Agreement by and among the XRP Custodian and the Trust, the XRP Custodian is responsible for
safekeeping all of the XRP owned by the Trust. The XRP Custodian was selected by the Sponsor. The XRP Custodian is responsible for opening
an account that holds the Trust’s XRP (the “XRP Account”), as well as facilitating the transfer of XRP required for
the operation of the Trust.

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The XRP Custodian is a third-party
limited purpose trust company that was chartered in 2018 upon receiving a trust charter from the New York Department of Financial
Services. The XRP Custodian is subject to extensive regulation and has among the longest track records in the industry of providing custodial
services for digital asset private keys. The Trust’s assets with the XRP Custodian are held in segregated accounts on the XRP Ledger,
commonly referred to as “wallets,” and are therefore not commingled with corporate or other customer assets. The segregated
account in which the XRP Custodian will custody all of the Trust’s XRP from time to time is hereinafter referred to as the Trust’s
“Vault Balance.” The XRP Custodian will keep a substantial portion of the private keys associated with the Trust’s XRP
in “cold storage” or similarly secure technology (the “Cold Vault Balance”), with any