Canadian digital asset manager 3iQ has introduced a new XRP ETF, granting investors direct exposure to XRP through the Toronto Stock Exchange (TSX).
Launch of XRP ETF on TSX
The 3iQ XRP ETF (XRPQ) began trading today and targets both retail and institutional investors in Canada and select international markets. The fund provides long-only exposure to XRP, with assets sourced from regulated exchanges and over-the-counter platforms, while all XRP holdings are secured in cold storage.
0% Management Fee
The XRPQ starts with a six-month 0% management fee. 3iQ aims to provide cost-effective access to XRP, one of the most widely traded cryptocurrencies by market cap. Pascal St-Jean, president and CEO of 3iQ, stated that "the launch of XRPQ marks another milestone in our mission to provide investors with convenient, cost-effective access to digital assets within a regulated framework."
Ripple Supports Global Access to XRP ETF
According to 3iQ, Ripple, the company behind the XRP cryptocurrency and the XRP Ledger, is an early investor in the fund. XRPQ is available through Canadian registered accounts and may also be accessible to qualified international investors, depending on jurisdiction-specific rules. St-Jean noted that XRP has demonstrated significant growth potential over the past decade, emphasizing the need for regulated products to provide global investors with a "transparent, low-cost and tax-efficient" option for investing in XRP.
The launch of the XRP ETF marks an advancement for investors seeking access to XRP in a regulated format. 3iQ continues to expand its offerings in the crypto investment space with new products to meet the needs of its diverse client base.
