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XRP Rises as Canada Approves Spot ETF for Toronto Stock Exchange Listing
- Purpose Investments receives regulatory approval for a spot XRP exchange-traded fund (ETF) in Canada, trading begins on Toronto Stock Exchange (TSX) on June 18 under the ticker XRPP.
- The ETF offers direct exposure to XRP through a regulated investment vehicle and will provide units in CAD-hedged, CAD non-hedged, and USD formats eligible for registered investment accounts like TFSAs and RRSPs.
- XRP's price rose nearly 7% after the approval, outperforming Bitcoin, reflecting investor optimism around regulated access to the token, one of the most traded digital assets globally.
- Purpose Investments previously launched the world's first spot bitcoin ETF in Canada.
- The XRP ETF allows investors to gain exposure to XRP without needing to hold the asset or manage private keys.
- Canada's regulator's approval of the Purpose XRP ETF underscores the country's leadership in building a regulated digital asset ecosystem.
- Canada leads ahead in approving spot cryptocurrency ETFs compared to major jurisdictions like the United States.
- XRP is meant for low-cost, fast cross-border payments through its decentralized ledger system. The Purpose ETF provides Canadian investors with simplified access to XRP through traditional channels, integrating digital assets into mainstream portfolios.
- The ETF will start trading on the TSX this Wednesday, marking progress in offering crypto-linked investment products in regulated markets.
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