Canada has taken a significant step in the cryptocurrency market by launching its first exchange-traded funds (ETFs) that offer direct access to XRP. Purpose Investments and 3iQ began trading on the Toronto Stock Exchange (TSX) following approval from the Ontario Securities Commission.
Purpose Investments ETF Launch
Purpose Investments introduced its XRP ETF under the ticker XRPP. The fund offers direct exposure to XRP in three units: CAD-hedged, CAD non-hedged (XRPP.B), and USD (XRPP.U). This expands Purpose's broader suite of digital asset ETFs, which includes Bitcoin, Ethereum, and Solana products.
3iQ's XRP ETF
3iQ is launching its XRP ETF under the ticker XRPQ, which also offers direct exposure to XRP and is backed by Ripple, the company behind the XRP Ledger. Ripple has invested in the fund, although the amount remains undisclosed. The 3iQ ETF provides secure cold storage and is available to Canadian investors via registered accounts.
Advantages of New XRP ETFs
Purpose’s XRPP utilizes institutional-grade custody through Gemini and Coinbase. Investors can hold the ETF in registered accounts like TFSAs and RRSPs. According to Vlad Tasevski, Purpose’s Chief Innovation Officer, XRP has been one of the most requested products due to its utility in fast, low-cost global payments.
With the launch of XRP ETFs, Canada opens new opportunities for investment in digital assets, which could attract both retail and institutional investors.
