Purpose Investments has received regulatory approval
to launch a spot XRP exchange-traded fund (ETF) in Canada, with trading
scheduled to begin on June 18 on the Toronto Stock Exchange (TSX). The fund, listed under the ticker XRPP, will provide
direct exposure to XRP through a regulated investment vehicle.
The Ontario Securities Commission (OSC) granted the
final prospectus receipt for the fund, Purpose announced Monday. The ETF will
offer units in CAD-hedged, CAD non-hedged, and USD formats, and will be
eligible for registered investment accounts such as TFSAs and RRSPs.
XRP Price Rises Following Approval
The launch follows Purpose’s earlier introduction of
the world’s first spot bitcoin ETF in Canada in 2021. XRP’s price rose nearly 7% in the 24 hours following
the announcement, outperforming Bitcoin. The move
reflects investor optimism around regulated access to the token, which remains
one of the most traded digital assets by volume globally.
The ETF provides investors with a way to gain exposure
to XRP, the native token of the XRP Ledger, without needing to directly hold
the asset or manage private keys.
“The OSC’s granting of a receipt for the Purpose XRP ETF
prospectus reinforces Canada’s global leadership in building a regulated
digital asset ecosystem,” said Vlad Tasevski, Chief Innovation Officer at
Purpose Investments.
“We’re proud to continue pushing the boundaries of what’s
possible in the space by offering investors simple, secure access to the
infrastructure powering real-world blockchain adoption.”
Read more: Why Is XRP Price Going Down Today? Four Straight Losses amid SEC Pressure and Israel-Iran Tensions
Canada remains ahead of other major jurisdictions,
including the United States, in approving spot cryptocurrency ETFs. While U.S.
regulators have yet to approve a spot XRP product, Canada continues to expand
its regulated offerings in the digital asset space.
ETF Offers Access to Cross-Border Payment Token
XRP is designed to support low-cost, fast cross-border
payments through its decentralized ledger system. With the Purpose ETF,
Canadian investors will have simplified access to XRP through traditional
investment channels, further integrating digital assets into mainstream
portfolios.
The fund will begin trading on the TSX this Wednesday,
marking a new milestone in the growth of crypto-linked investment products in
regulated markets.
This article was written by Jared Kirui at www.financemagnates.com.
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