XRP News Today: Toronto Stock Exchange Launches Three XRP ETFs

On June 18, the Toronto Stock Exchange (TSX) witnessed a historic event with the launch of three exchange-traded funds (ETFs) focused on XRP, the third-largest cryptocurrency by market capitalization. This unprecedented move marks a significant milestone in providing regulated access to cryptocurrencies for North American investors. The ETFs, introduced by 3iQ, Purpose Investments, and Evolve ETFs, offer traditional investment vehicles for gaining exposure to XRP.

The 3iQ XRP ETF, trading under the ticker XRPQ, features a six-month 0% fee structure and utilizes cold storage custody, enhancing security for investors. This ETF is backed by Ripple, the company behind XRP, further solidifying its credibility and expanding regulated access to XRP for Canadian investors. The Purpose XRP ETF, ticker XRPP, is Canada's first-ever spot XRP ETF, allowing investors to access XRP through traditional investment accounts. Evolve ETFs also launched its XRP ETF, providing another regulated avenue for investors to engage with the cryptocurrency.

Elliot Johnson, Chief Investment Officer and Chief Operating Officer at Evolve, highlighted the utility of XRP, stating that it is built for real-world applications, enabling fast, low-cost cross-border payments and decentralized exchange functionality. The Evolve Fund will invest in long-term holdings of XRP, acquired through vetted platforms like Coinbase, with its net asset value calculated using the CME CF XRP-Dollar Reference Rate. The fund will not use derivatives nor actively trade XRP, instead adjusting holdings in response to subscriptions and redemptions.

Vlad Tasevski, Chief Innovation Officer at Purpose, emphasized that the approval of the Purpose XRP ETF prospectus by Canadian regulators reinforces the country's global leadership in building a regulated digital asset ecosystem. The Purpose ETF offers CAD-hedged, CAD non-hedged, and USD units, and is eligible for tax-advantaged accounts.

Pascal St-Jean, President and CEO of 3IQ, noted that XRP has demonstrated significant growth potential over the past decade. The 3IQ XRP ETF offers Canadian and qualified global investors a transparent, low-cost, and tax-efficient way to securely access this opportunity. The fund debuts with a 0% management fee for the first six months, backed by Ripple Labs as an early investor.

The launch of these ETFs is expected to accelerate the adoption of regulated cryptocurrency investments. By offering traditional investment vehicles, these ETFs make it easier for investors to gain exposure to XRP without the complexities of directly purchasing and storing the cryptocurrency. This development is likely to attract a broader range of investors, including those who are new to the cryptocurrency market or prefer the security and convenience of regulated financial products.

The introduction of these ETFs also highlights the growing acceptance of cryptocurrencies within the traditional financial system. Canada has emerged as a leader in regulated cryptocurrency investments, with a history of approving innovative financial products. The launch of these XRP ETFs follows the approval of other cryptocurrency ETFs in the country, further cementing its position as a hub for regulated crypto access.

The debut of these ETFs is a significant step forward for the cryptocurrency industry, as it provides a regulated and accessible way for investors to engage with XRP. This development is likely to fuel further interest and investment in the cryptocurrency, potentially reshaping its long-term outlook. As the market for cryptocurrency ETFs continues to evolve, it is expected that more innovative financial products will emerge, offering investors a diverse range of options to gain exposure to digital assets.

Coinbase Chief Legal Officer Paul Grewal emphasized the significance of these developments, stating that regulatory clarity drives innovation. He noted that Canada had the world’s first bitcoin ETF in 2021 and now leads with an XRP ETF, urging the U.S. to catch up with crypto market structure legislation.

Many observers see this as a sign of shifting regulatory dynamics at the U.S. Securities and Exchange Commission (SEC), which has faced growing pressure to embrace more pro-crypto policies. Industry advocates argue that recent developments demonstrate increasing regulatory clarity, setting the stage for broader institutional adoption of crypto assets and establishing a stronger foundation for future financial innovation.