The price of Ripple’s XRP token jumped Thursday after Grayscale announced the launch of a new trust that gives accredited investors direct exposure to the cryptocurrency. 

XRP was last higher by more than 3% at 56 cents a coin, according to Coin Metrics. Earlier, it rose as much as 9%. XRP is the native token of Ripple’s XRP Ledger, whose main purpose is to facilitate cross-border financial transactions. It’s the fifth-largest coin by market cap, excluding stablecoins Tether (USDT) and USDC.

Unlike an exchange-traded fund, the trust will primarily trade over the counter. Trusts are also more susceptible to trading at a price that does not line up with the underlying value of the portfolio.

“As crypto investors diversify beyond Bitcoin and Ethereum, we believe in providing exposure to protocols that solve real-world problems,” said Rayhaneh Sharif-Askary, Grayscale’s head of product research. “XRP can reduce frictions in international payments, enabling more efficiency in an evolving global economy.”

Ripple last summer scored a partial victory in a three-year battle with the Securities and Exchange Commission that was nevertheless hailed as a landmark win for the crypto industry. U.S. District Judge Analisa Torres ruled that XRP is not considered a security when sold to retail investors on exchanges, but it is considered an unregistered security offering if sold to institutional investors.

Grayscale made history shortly after when a court ruled that the SEC was wrong to deny crypto investment giant permission to convert its popular bitcoin trust into an ETF. The agency approved the necessary rule change in January. The Grayscale Bitcoin Trust and the Grayscale Ethereum Trust began trading in January and July of this year, respectively, as ETFs.

Major cryptocurrencies were flat on Thursday. Bitcoin was last trading at $57,827.83 and ether at $2,331.58. MicroStrategy was little changed. Coinbase rose 2%.

—CNBC’s Jesse Pound contributed reporting