A major Canadian asset manager by the name of Purpose Investments has just filed for approval on launching the first exchange-traded fund (ETF) in the world focused on XRP, a popular cryptocurrency. The shift follows in Purpose’s efforts to direct the way in digital asset investment products.
The proposed Purpose Ripple ETF would come from the company that has already got known for launching the first Ethereum and Bitcoin ETFs. Once approved, this will give investors access to XRP exposures without investors having to buy or store XRP on their own account. With growing interest from large institutions and thanks to increasing popularity among investors, XRP is ready for this type of investment vehicles, according to Purpose Investments.
As XRP enjoys increased usage, Som Seif, Purpose Investments’s CEO explains that an ETF serves as a familiar, approved avenue for retail investors to participate. He stressed this is part of their commitment to helping investors gain access to new and exciting digital assets in a transparent and secure way.
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Shortly after other major companies such as Grayscale, also submitted to release similar products in the United States, Purpose filed for the approval to enter the XRP ETF market in the US. But Canadian regulators have been faster than their U.S. counterparts, which gives Purpose Investments the edge to become the first issuer of its XRP fund.
The goal of this ETF will be to give long term exposure to XRP, and help its investor realize capital gains as the XRP’s price continues to rise. According to Purpose Investments, it aims to draw in more people into the crypt world and make it simpler for them to invest in the emerging market.
As more and more people become interested in cryptocurrencies, Purpose Investments is now looking to set the standard as a provider of tools to help educate and invest people in digital assets, regulated products.
Also read: Coinbase Secures Green Light to Expand Crypto Services in Argentina
