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Purpose Investments Set to Launch Spot XRP ETF on Toronto Stock Exchange June 18

  • Purpose Investments is set to launch a spot XRP exchange-traded fund (ETF) on the Toronto Stock Exchange under the ticker symbol XRPP on June 18.
  • The new XRP ETF will provide Canadian investors with direct exposure to XRP in CAD-hedged and USD units, catering to registered accounts like TFSAs and RRSPs.
  • Purpose's XRP ETF allows investors to hold actual XRP rather than derivatives, offering direct spot exposure to XRP, a first in North American markets.
  • The launch of the XRP ETF by Purpose Investments reflects Canada's move towards providing secure access to digital assets and blockchain infrastructure.
  • Vlad Tasevski, Chief Innovation Officer at Purpose Investments, emphasizes Canada's regulatory leadership in allowing secure digital asset access through traditional investment channels.
  • The XRP ETF diversifies its offerings with CAD-hedged, CAD non-hedged, and US dollar units, catering to investors' preferences for gaining exposure to XRP.
  • XRP's price surged nearly 7% after the announcement of the Purpose XRP ETF, reaching $2.32 within 24 hours.
  • XRP, the fourth-largest cryptocurrency with a market capitalization of $136.5 billion, is widely used in global payments and is associated with Ripple.
  • The approval of the XRPP ETF in Canada positions the country ahead of the U.S. in offering a spot XRP ETF, marking progress towards mainstream adoption of digital assets.

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