Purpose Investments Seeks Approval for First-Ever XRP ETF
Purpose Investments, a major Canadian asset manager, is pushing to become the first company to launch an XRP exchange-traded fund (ETF), filing a preliminary proposal with Canadian regulators.
This would mark another significant step in the firm’s efforts to bring cryptocurrency products to mainstream investors, following their successful launches of Bitcoin and Ethereum ETFs. If approved, Purpose’s new product could make history as the first XRP ETF globally.
The firm, which manages assets exceeding $23 billion, sees growing demand for XRP within institutional circles and believes an ETF could offer investors a regulated, transparent way to gain exposure to the token.
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Purpose’s leadership, including founder Som Seif, has emphasized their commitment to bridging the gap between traditional and decentralized finance. They believe that as more investors become familiar with blockchain and digital assets, innovative products like the XRP ETF will provide easy access to these transformative technologies.
Purpose’s move comes amid rising interest in the broader digital asset market, including efforts by other financial giants like Grayscale and BlackRock, which are speculated to be eyeing XRP ETFs as well. While the future of an XRP ETF in the U.S. is still uncertain due to the ongoing legal battle between Ripple and the SEC, analysts remain hopeful that regulatory changes could pave the way for such products in the near future.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
