Purpose intends to launch an XRP ETF in the Toronto Stock Exchange, Canada.
In the United States there are 4 applications to launch XRP ETF.
The competition to launch the first quoted background (ETF) based on XRP has taken a global character. While in the United States several signatures seek regulatory approval, in Canada, Purpose Investments has taken a step forward with a formal application.
Purpose Investments, a digital asset management company, He presented a preliminary prospect before Canadian values regulators For the launch of an XRP -based ETF, Ripple’s cryptocurrency, indicated in a statement.
The Fund seeks to invest most of its XRP and long -term asset assets and Offer investors the possibility of capital appreciation within a regulated framework.
“As XRP sees a growing adoption and institutional interest, we believe that an ETF can offer investors a transparent and familiar way to access it,” said Som Seif, founder and CEO of Purpose Investments.
Purpose, which manages more than 23,000 million dollars in assets, was the first to issue ETF of Bitcoin (BTC) and Ethher (ETH), Cryptomoned of Ethereum, in cash, in the Toronto Stock Exchange in 2021.
Six requests for XRP -based funds in the United States
While Purpose progresses in Canada, in the United States there are at least six active applications for an XRP ETF in cash, as reported by cryptootics.
Grayscale has requested to convert its XRP Trust into an ETF, while Bitwise, Canary Capital, Wisdomtree, 21Shares, Coinshares and Rex Shares, They have also submitted proposals to the United States Stock Exchange and Securities Commission (SEC).
Although the headquarters in the United States were the first to submit the application, the Canadian regulator usually approves the ETFs faster than its US counterpart. Canada has shown a more flexible regulation for these financial productswhich could give Purpose advantage in the race to launch the first XRP ETF.
Political changes and its impact on approval
However, the new United States administration could accelerate the approval of cryptocurrency ETFs.
With the arrival of Donald Trump to the presidency and the possible designation of Paul Atkins as president of the SEC, a more favorable environment for digital assets is expected. The ETF race of XRP is still under development and the decision of regulators in both countries could define the future of this financial product.
