Canary Capital Announces XRP ETF for Investors

user avatar

by Giorgi Kostiuk

2 years ago

Canary Capital has filed to establish an exchange-traded fund (ETF) for the cryptocurrency XRP, becoming the second entity this week to show interest in launching such a product.

Details of Canary Capital's Filing

In their October 8 filing with the U.S. Securities and Exchange Commission (SEC), Canary Capital stated that their ETF would allow investors access to the XRP market via a traditional brokerage account, avoiding possible barriers or risks linked to directly acquiring and holding XRP.

Advantages and Limitations of XRP ETF

The Canary Capital fund will track XRP’s price using the CME CF Ripple index, offering a real-time price benchmark. It will avoid using derivative products to minimize additional counterparty and credit risks.

[Canary Capital] believes that the design of the Trust will enable certain investors to more effectively and efficiently implement strategic and tactical asset allocation strategies that use XRP by investing in the Shares rather than purchasing, holding, and trading XRP directly.

Competition and Approval Prospects

Canary Capital's filing for an XRP ETF follows a similar application by crypto asset manager Bitwise filed with the SEC a week earlier. Nonetheless, hurdles remain due to ongoing SEC lawsuits concerning XRP's classification.

The filings by Canary Capital and Bitwise for the creation of the first-ever XRP exchange-traded fund mark a new chapter in investment opportunities for the cryptocurrency. Challenges, however, may arise from existing legal disputes over XRP’s classification.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Trump Administration Seeks to Expand Dollar-Backed Stablecoins Globally

The Trump administration is considering an initiative to promote dollar-backed stablecoins internationally to reinforce the dollar's status as the world's reserve currency.

user avatarDiego Alvarez

Lido DAO Executes Vote 206 for Operational Adjustments

Lido DAO has completed Vote 206, focusing on adjustments to stakingrouter and node operator parameters.

user avatarKenji Takahashi

Sui DeFi Ecosystem Surpasses $12 Billion in Total Value Locked

The Sui DeFi ecosystem has exceeded $12 billion in total value locked, marking a significant increase from earlier in the week.

user avatarMaria Fernandez

Crimestoppers Offers £10,000 Reward for Information on Birmingham Attack

Crimestoppers is offering a reward of up to £10,000 for information leading to the arrest and conviction of those responsible for a violent home invasion in Birmingham.

user avatarGustavo Mendoza

Birmingham Couple Targeted in Violent Cryptocurrency Home Invasion

A couple in Birmingham was forced to transfer cryptocurrency during a violent home invasion by four men.

user avatarGustavo Mendoza

Solana Developers Advance SIMD0112 for Improved Validator Latency

Solana developers are advancing the SIMD0112 proposal to reduce latency between validators, enhancing network performance during high activity.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.