Other managers such as Grayscale, Bitwise and 21 Shares are waiting for the approval of similar funds.
In September, REX Shares had launched an XRP ETF, albeit with a different legal structure.
The exchange-traded fund (ETF) based on the XRP cryptocurrency, managed by Canary Capital Group, is ready for trading this Thursday, November 13 on the Nasdaq market.
This product will be quoted under ticker “XRPC” and follows the spot price of XRP, the fourth largest digital asset by market capitalization.
He launch It occurs in an unusual context, marked by the partial shutdown of the United States government. But Nasdaq certified and approved the ETF for listing based on recent guidance issued by the Securities and Exchange Commission (SEC).
This guide clarified the procedures that allow companies to register new products, such as ETFs, as long as they comply with the listing standards previously approved by the agency.
Canary completed the process by submitting the required Form 8-A last Tuesday, as reported by CriptoNoticias. Virtu Financial has been appointed as the liquidity provider for the new instrument.
This ETF is not the only XRP product to hit the market; in september, REX Shares launched an ETF of this cryptocurrency, although under a different legal structure (registered under the Investment Company Act of 1940).
The approval of the Canary Capital Group ETF is seen as a step forward for similar products. Other managers, including Bitwise, 21 Shares, WisdomTree and Grayscale, have also filed applications to launch XRP ETFs.