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We report the first demonstration of an inductively coupled magnetic ring trap for cold atoms. A uniform, ac magnetic field is used to induce current in a copper ring, which creates an opposing magnetic field that is time-averaged to produce a smooth cylindrically symmetric ring trap of radius 5 mm. We use a laser-cooled atomic sample to characterize the loading efficiency and adiabaticity of the magnetic potential, achieving a vacuum-limited lifetime in the trap. This technique is suitable for creating scalable toroidal waveguides for applications in matter-wave interferometry, offering long interaction times and large enclosed areas.