Purpose Investments to Launch Canada’s First Spot XRP ETF
Purpose Investments has officially announced the launch of Canada’s inaugural spot XRP exchange-traded fund (ETF), slated to begin trading on the Toronto Stock Exchange (TSX) on 18 June. This milestone follows the approval of the final prospectus receipt from the Ontario Securities Commission (OSC).
The Purpose XRP ETF aims to provide investors with direct access to XRP, which is the native cryptocurrency of the XRP Ledger—a decentralized blockchain network designed to facilitate efficient international payments. The ETF will be offered in multiple formats: a Canadian dollar-hedged version (ticker: XRPP), a non-hedged Canadian dollar version (ticker: XRPP.B), and a USD-denominated variant (ticker: XRPP.U). All formats will be eligible for registered investment accounts.
Following the announcement, XRP’s value surged nearly 7%, outperforming major cryptocurrencies like Bitcoin and the broader CoinDesk 20 Index, indicating a positive reception from the market.
A Step Forward in Blockchain Investment
Purpose Investments has a track record of innovation in the finance sector, previously making headlines with the launch of the world’s first spot Bitcoin ETF in Canada back in 2021. Vlad Tasevski, the Chief Innovation Officer at Purpose, expressed pride in the company’s ongoing commitment to pioneering developments in blockchain investment. He stated that this new ETF offers investors secure and straightforward access to the infrastructure driving real-world blockchain utilisation.
Tasevski underscored the significance of the OSC’s approval for the Purpose XRP ETF prospectus, highlighting Canada’s leading role in creating a regulated ecosystem for digital assets.
Market sentiments have reacted positively, with XRP’s price rally indicating investor optimism in the wake of the ETF announcement. The move to launch the ETF follows extensive regulatory preparations and mirrors a recent similar initiative in Brazil. In contrast, the US Securities and Exchange Commission has thus far limited its approvals for spot ETFs solely to Bitcoin and Ethereum.
This refreshing advancement signals a growing acceptance of cryptocurrency in regulated financial markets, as Purpose Investments continues to break ground in the evolving landscape of blockchain investments.
