Purpose Investments is set to launch the world’s second spot XRP exchange-traded fund (ETF) in Canada on June 18. The Purpose XRP ETF will trade on the Toronto Stock Exchange under the ticker symbol “XRPP,” offering direct exposure to XRP, the digital token used on the XRP Ledger.
According to a press release, the company confirmed it received the final prospectus receipt, which gives it the green light to move forward. The ETF will be available in three versions: a Canadian dollar-hedged unit (XRPP), a Canadian dollar non-hedged unit (XRPP.B), and a U.S. dollar unit (XRPP.U).
The new fund marks another big move in the growing world of crypto investment tools. Purpose said the ETF will be eligible for popular registered accounts like Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs), making it easy for Canadians to invest.
XRP is the native token of the XRP Ledger, a blockchain system designed to handle fast and low-cost cross-border payments. The Purpose XRP ETF aims to give investors simple and secure access to this digital asset in a regulated format.
“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,” said Vlad Tasevski, Chief Innovation Officer at Purpose Investments.
This launch follows Brazil-based Hashdex’s introduction of the world’s first spot XRP ETF, XRPH11, on the B3 exchange earlier this year. Purpose’s upcoming launch will make it the second company globally to offer a spot XRP ETF.
While Canada moves forward, the United States is still waiting on regulatory decisions. Seven asset managers have filed applications with the U.S. Securities and Exchange Commission (SEC) for similar XRP-based ETFs. The final decision from the SEC is expected by October 17.
With regulatory approval now secured in Canada, Purpose is moving ahead, highlighting the country’s role in shaping the future of regulated crypto investments. Tasevski added, “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.”
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