Purpose Investments Proposes First Canadian Spot XRP ETF Amid Rising Crypto Adoption

Canada Potentially Getting Its First XRP ETF

A company called Purpose Investments, which is a big deal in the investment world with over $23 billion in assets, has just filed paperwork for a new type of investment fund. This fund, called an ETF, would track the price of XRP, a cryptocurrency also known as Ripple. Now, this isn’t just any ETF; it’s what’s called a “spot” ETF. That means it actually holds the real XRP tokens and its price directly reflects the real-time market value of XRP. The source indicated that Purpose Investments is aiming to give investors an easier way to get into XRP, without having to deal with the complexities of buying and storing it directly.

Purpose Investments aims to launch Canada’s first spot XRP ETF, following their successful Bitcoin and Ethereum ETFs. This move seeks to offer investors an easier way to gain exposure to XRP’s growth.

This isn’t Purpose Investment’s first rodeo with crypto ETFs. They were actually the first in the world to launch Bitcoin and Ethereum ETFs back in 2021! They’ve been at the forefront of making crypto more accessible to regular investors, and this new XRP ETF is just another step in that direction. The fund’s main goal is to grow the value of investors’ money over time by investing in XRP, especially as more institutions start using it.

Why This Matters and What’s Next

The source explained that XRP has been getting a lot of attention lately because it’s being used for things like cross-border payments, which could really shake up how money moves around the world. According to Som Seif, CEO of Purpose Investments, the increasing acceptance among big financial players creates demand for regulated investment options tied to XRP. That’s where their ETF comes in; it would give people a familiar and transparent way to invest in XRP through a regulated framework instead of having to navigate the wild west of crypto exchanges. It’s like buying shares of a company, but instead, you’re investing in XRP.

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Now, here’s where it gets interesting: Canadian regulators are known for being quicker to approve crypto ETFs than their counterparts in the United States. This gives Purpose Investments a head start and means that Canada could be the first country to have an XRP ETF of this kind. The source revealed that companies like Grayscale and Bitwise in the U.S. are still waiting for approval from the U.S Securities and Exchange Commission (SEC). If all goes well, this could be another big win for Purpose Investments as they continue to offer easier access to digital assets and blockchain technology within a regulated environment.

Source: Purpose Investments Proposes Xrp Etf | Tronweekly.com

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