- Purpose Investments files to launch the world’s first XRP ETF, aiming to provide direct exposure to the cryptocurrency
- The Canadian firm, managing $23B in assets, cites XRP’s rapid adoption as a key driver for the move
- NYSE Arca also seeks to convert Grayscale’s XRP Trust into an ETF, signaling growing institutional interest in XRP
A Canadian investment firm may become the first to introduce an XRP exchange-traded fund to the market.
Purpose Investments, a prominent Canadian investment company is taking steps to introduce the world’s first XRP ETF. On January 31st, the company filed a preliminary prospectus with the Canadian regulating body, signaling its intention to create the first exchange-traded fund for the world’s third-largest cryptocurrency asset.
The proposed ETF will provide direct exposure to XRP to investors, allowing them to jump into the trend of the fastest-growing cryptocurrency of recent months.
Purpose Investments manages over $23 billion in assets, and already owns Bitcoin
And Ethereum exchange-traded funds. The company’s CEO Som Seif mentioned XRP’s fast adoption rate as a key motivator for the filing.
NYSE Arca XRP ETF Also On The Move
Meanwhile, on the other side of the border, U.S.-based investment firm NYSE Arca is also working to convert Grayscale’s $16 million XRP Trust fund to an ETF. Like the Purpose Investments ETF filing, the move would expose XRP to retail investors, making it a lot more reachable to the common investor.
The filing comes amidst a shift of policy in the U.S. Securities and Exchange Commission. After Gary Gensler stepped down as Chair — the ‘renewed’ SEC has been moving towards a more open regulatory stance, willing to work alongside the crypto industry to create a clearer regulatory framework.
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