Purpose Investments, known for launching the world's first Bitcoin and Ether ETFs, has announced plans to launch a new ETF based on Ripple (XRP).
New Fund by Purpose Investments
The company has filed a preliminary application with Canadian regulators for a Ripple ETF, which will primarily invest in XRP. This new product promises to provide investors with long-term exposure to XRP and the potential to benefit from price growth.
Institutional Interest in XRP
According to Purpose Investments CEO Som Seif, as XRP becomes more popular and institutional interest rises, there is demand for investment products like an ETF. He stated, “We believe an ETF can offer investors a transparent and familiar way to access it within a regulated framework.”
Growing Popularity of Crypto ETFs
Several companies have applied for launching XRP ETFs in the U.S., especially after recent regulatory changes that have made the process easier. Companies such as Grayscale, CoinShares, and Bitwise are also seeking approval for their XRP ETFs. There is also interest in other cryptos like Solana, Litecoin, and Dogecoin. These filings have increased following changes in leadership at the U.S. SEC.
The launch of a new XRP ETF by Purpose Investments can be an important step towards strengthening the company's position in the crypto and digital asset market. It also reflects the growing interest in crypto ETFs globally.
