The launch of a spot XRP ETF is making waves in the crypto world. The asset manager Purpose Investments has confirmed it will debut a spot XRP exchange-traded fund in Canada this week, following the green light from regulators.
The launch of a spot XRP ETF is making waves in the crypto world. The asset manager Purpose Investments has confirmed it will debut a spot XRP exchange-traded fund in Canada this week, following the green light from regulators. This approval paves a new path for investors seeking direct exposure to XRP through traditional finance platforms.
Set to trade under the ticker “XRPP,” the new ETF will go live on the Toronto Stock Exchange on Wednesday, June 18. This development is particularly significant given XRP’s status as the fourth-largest digital asset by market cap, making the fund a notable addition to Canada’s already progressive crypto investment landscape.
The announcement appears to have impacted XRP’s market performance, with the token rising nearly 7% following the news. This jump outpaced major players like bitcoin and even the CoinDesk 20 Index, signaling heightened investor confidence in XRP’s growth potential as regulatory clarity improves in key markets.
In the official press release, Vlad Tasevski, Chief Innovation Officer at Purpose Investments, emphasized the broader implications of this development: “The OSC’s approval of Purpose XRP ETF exemplifies Canada’s leadership in crafting a regulated digital asset ecosystem.” This sentiment underscores how Canada continues to outpace other jurisdictions when it comes to offering compliant, high-quality crypto investment vehicles.
Purpose Investments is no stranger to pioneering digital asset products. The firm gained global attention back in 2021 when it introduced the world’s first spot bitcoin ETF, also in Canada. At the time, the launch marked a significant milestone in making cryptocurrencies accessible to retail and institutional investors alike via traditional investment frameworks.
The XRP ETF launch not only echoes Purpose’s earlier success but also builds on growing momentum for similar offerings worldwide. Notably, the United States appears to be inching closer toward approving its own spot XRP ETF, according to recent developments. For more on that unfolding story, see this report.
Related: Expert Advice: Sell XRP If You’re Confused
In summary, the imminent debut of Canada’s first spot XRP ETF marks another milestone in bridging the gap between cryptocurrency and institutional finance. With Purpose Investments continuing to lead innovation in this space, the move could set the tone for wider adoption and further product launches as regulatory developments unfold across different regions.
Quick Summary
The launch of a spot XRP ETF is making waves in the crypto world. The asset manager Purpose Investments has confirmed it will debut a spot XRP exchange-traded fund in Canada this week, following the green light from regulators.
Source
Information sourced from official Ripple publications, institutional research, regulatory documentation and reputable crypto news outlets.
Author
Ripple Van Winkle is a cryptocurrency analyst and founder of XRP Right Now. He has been active in the crypto space for over 8 years and has generated more than 25 million views across YouTube covering XRP daily.
Editorial Note
Opinions are the author's alone and for informational purposes only. This publication does not provide investment advice.
