Canada is actively developing the cryptocurrency ETF market, offering new opportunities for investors. Notably, firms 3iQ and Purpose have launched an ETF for the XRP token, which is drawing attention from institutional players.
Launch of XRP ETFs in Canada
Canadian crypto managers 3iQ and Purpose have introduced their new XRP ETFs. The 3iQ ETF began operating with zero management fees for the first six months, while Purpose launched its ETF on June 18, providing direct access to XRP.
Advantages of 3iQ's New ETF
3iQ CEO Pascal St-Jean pointed out that their XRP ETF will offer institutional investors access to the token at prices not available to retail investors. He stated that no retail investor can purchase XRP at the same rates as institutional players in the market.
Ripple's Support and Importance for Institutional Investors
Ripple, the company behind XRP, also supports the ETF initiative in Canada, having been an early backer of this movement. Experts note that XRPQ quickly became the largest XRP ETF in the country, indicating a growing acceptance among institutional investors.
The development of XRP ETFs in Canada highlights the increasing interest of institutional investors in cryptocurrencies. This trend may have long-term implications for the XRP market and other altcoins.
