• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Symbiosis Finance Introduces Private USDT Swaps on TRON Network

chest

Symbiosis Finance has launched private USDT swaps and transfers on the TRON network, enhancing privacy for stablecoin transactions.

user avatarEmily Carter

Intersect's Role in Cardano's Decentralization Process

chest

Intersect is expected to coordinate teams and manage priorities during Cardano's transition to decentralized governance.

user avatarTomas Novak

TRON Faces Increased Scrutiny Amid Stablecoin Compliance Issues

chest

TRON is under scrutiny for compliance with US Treasury sanctions following the freezing of $131 million in USDT linked to Iranian addresses, raising regulatory concerns in the stablecoin market.

user avatarKaterina Papadopoulou

Uniswap Proposes Protocol Fee Activation Across Multiple Deployments

chest

Hayden Adams, the founder of Uniswap, has proposed activating protocol fees across Uniswap v4 and other network deployments, reigniting a key governance debate in DeFi.

user avatarMaya Lundqvist

SEC Increases Position Limits for Bitcoin ETF Options

chest

The SEC has approved a significant rule change for options on BlackRock's iShares Bitcoin Trust, raising the position and exercise limits from 250,000 contracts to 1,000,000 contracts.

user avatarLeo van der Veen

BNB Chain Reaches $52 Billion in Tokenized Real-World Assets

chest

BNB Chain has reached approximately $52 billion in tokenized real-world assets, marking significant growth in the sector.

user avatarLi Weicheng

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.