Canada First: Purpose Launches World's First Spot XRP ETF

Canada Leads with the World’s First Spot XRP ETF

Purpose Investments, one of Canada's largest asset managers with approximately $23 billion in assets, has filed a preliminary prospectus with Canadian regulators for the Purpose XRP ETF. This marks a significant milestone in the cryptocurrency industry, as it will be the first spot XRP exchange-traded fund (ETF) to be listed on the Toronto Stock Exchange.

The Purpose XRP ETF aims to provide investors with a regulated and transparent way to access the XRP market. XRP, the native cryptocurrency of the Ripple network, has gained significant institutional interest due to its potential for cross-border transactions and its growing market capitalization of $175 billion.

Purpose Investments is no stranger to innovative digital asset products. Last year, the company was the first to introduce spot Bitcoin and Ethereum ETFs in Canada before they were available in the United States. Now, Purpose hopes to be the first to bring a spot XRP ETF to market, ahead of US competitors who are still awaiting approval from the Securities and Exchange Commission (SEC).

Canada's fast-track approach to crypto ETFs has allowed Purpose's XRP ETF to potentially hit markets before filings from US firms such as Grayscale, Bitwise, and WisdomTree, which are all awaiting SEC approval. Som Seif, the CEO of Purpose, emphasized the company's goal of bridging traditional finance with decentralized assets, stating that an ETF offers investors a transparent way to access XRP within a regulated framework.

Market optimism for XRP is growing, with Polymarket currently giving an 82% probability that a US XRP ETF will be cleared under a potentially friendly administration. XRP has been trading around $3.05, and analysts suggest it could reach an all-time high of $3.55 if it manages to stay above $3.00.

If the Canadian regulators approve the XRP ETF by Purpose, it would likely push US regulators to fast-track similar applications. As XRP's popularity soars, the question is no longer if, but when an XRP ETF will launch.