- Purpose Investments launches spot XRP ETF on TSX, trading starts June 18 under XRPP.
- XRP price rises nearly 7% as Purpose secures regulatory approval for Canada’s first ETF.
- XRPP ETF offers direct XRP access to Canadian investors in CAD-hedged and USD units.
Purpose Investments has received regulatory approval to launch a spot XRP exchange-traded fund (ETF) in Canada, marking a new milestone for digital asset investing in North America. The new ETF will start trading on the Toronto Stock Exchange under the ticker symbol XRPP on June 18. This action comes after the Ontario Securities Commission received the final prospectus, which enabled the asset manager to proceed.
The purpose Investments XRP ETF is to enable investors to have direct exposure to XRP. Notably the fund offers a familiar investment structure to Canadians, allowing them to add spot XRP to portfolios through registered accounts such as Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs).
Spot XRP ETF to Broaden Digital Asset Access
The launch of the Purpose Investments XRP ETF comes at a time of growing institutional and retail interest in digital assets. According to the June 16 press release, the ETF will be available in three versions: CAD-hedged, CAD non-hedged, and US dollar units. This diversification provides holders with flexibility in how they choose to gain exposure to XRP.
Vlad Tasevski, Chief Innovation Officer at Purpose Investments, noted that regulatory approval for the ETF highlights Canada’s leadership in providing secure access to digital assets. He stated that the company aims to offer secure access to blockchain infrastructure by making XRP available on traditional investment platforms.
The XRP ETF expands Purpose Investments’ product offerings in Canada following the successful launch of spot Bitcoin and Ether ETFs. By holding actual XRP rather than derivatives, the fund offers direct spot exposure, a first for North American markets.
XRP Price Surges After ETF Announcement
The announcement of the Purpose XRP ETF boosted XRP’s price. In the 24 hours following the news, XRP rose nearly 7%, trading at $2.32, according to CoinMarketCap data.
XRP, the native token of the XRP Ledger, is widely used in global payments and is associated with the crypto payments firm Ripple. With a market capitalization of $136.5 billion, XRP holds the fourth spot among cryptocurrencies.
The Canadian approval of the XRPP ETF places the country ahead of the United States, where a number of firms have applied to regulators to launch similar funds of spot XRP but have yet to receive a decision. The introduction of the ETF is an additional step towards gaining mainstream adoption of digital assets as investments of interest in regulated markets.
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