Canada has set a new milestone in cryptocurrency investment by approving the first XRP spot ETF. Purpose Investments has officially secured trading permission for the 'Purpose XRP ETF', which is set to begin trading on the Toronto Stock Exchange (TSX) with the ticker 'XRPP' starting June 18th.
This decision marks the first XRP-based spot ETF in Canada, providing the first opportunity to directly invest in XRP in a regulated manner. Vlad Tasevski, Chief Innovation Officer of Purpose Investments, stated, "This approval will be a groundbreaking turning point for the Canadian cryptocurrency market" and "We have prepared a safe and reliable means of accessing blockchain assets under a regulatory environment for investors."
The Purpose XRP ETF offers three classes based on investors' currency risk preferences. These include the CAD hedged version 'XRPP', the non-hedged version 'XRPP.B', and the US dollar-traded 'XRPP.U'. The ETF can also be held in tax-advantaged accounts like TFSAs and RRSPs, which is expected to dramatically expand cryptocurrency accessibility in Canada.
This ETF approval is particularly noteworthy as Ripple (XRP) and the Securities and Exchange Commission (SEC) are approaching a crucial turning point in their ongoing lawsuit. With regulatory clarity seemingly approaching, investor sentiment has been reflected, and XRP prices have recently risen over 7%, currently exceeding $2.30.
The XRP spot ETF launch is seen as a stage that reinforces XRP's position as a global financial asset and another example of cryptocurrency entering mainstream financial systems. Canada's proactive regulatory approach demonstrates a differentiated policy direction compared to major countries like the United States and is expected to significantly influence future global ETF market restructuring.
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