Purpose Investments has announced the launch of Canada’s first spot XRP exchange-traded fund, which will be listed on the Toronto Stock Exchange. This step follows approval from the Ontario Securities Commission.
Launch of Canada’s First Spot XRP ETF
On June 18, 2023, Purpose Investments launched Canada’s first spot XRP ETF, providing Canadian investors access to this financial instrument.
Variety of Investment Products
The Purpose XRP ETF offers investors direct participation in XRP. The product will be available in several formats: CAD-hedged (XRPP), CAD non-hedged (XRPP.B), and USD-denominated (XRPP.U), allowing investors to choose the most suitable option based on their preferences.
Market and Competitiveness
The ETF launch was accompanied by an approximately 7% increase in XRP prices, indicating positive investor sentiment. Canada reinforces its position in the international financial technology arena after launching the first Bitcoin ETF in 2021.
The launch of Canada's first spot XRP ETF highlights the country's significance in developing a regulated digital asset ecosystem and provides new opportunities for investors.
