"Purpose Investments Pioneers Canada's First XRP ETF"

Purpose Investments, a Canadian asset management firm, has filed a preliminary prospectus with securities regulators to launch the country's first XRP-focused exchange-traded fund (ETF). The proposed ETF aims to provide institutional and retail investors with a regulated way to gain exposure to the cryptocurrency, XRP.

The XRP ETF, if approved, will operate as a spot ETF, meaning it will hold actual XRP tokens rather than derivatives. This will give investors direct exposure to the asset's price movements. The initiative reflects the growing demand for crypto ETFs as investors seek easier and safer ways to enter the market without handling the complexities of self-custody.

Purpose Investments has already established itself as a pioneer in the crypto ETF space. In 2021, it launched the world's first spot Bitcoin and Ethereum ETFs, both of which trade on the Toronto Stock Exchange (TSX). These products provided a regulated gateway for institutional and retail investors to access major cryptocurrencies, setting a precedent for future crypto-based funds.

The firm's founder and CEO, Som Seif, emphasized its ongoing commitment to bridging the gap between traditional finance and decentralized finance (DeFi). According to Seif, the growing adoption of XRP and increased institutional interest make this ETF a logical next step in expanding investment opportunities within a regulated framework.

Although exchange-traded products (ETPs) tracking XRP have been available in some global markets, Canada's first spot XRP ETF would represent a significant milestone in offering transparent and direct exposure to the asset. This move aligns with a broader trend where asset managers worldwide are seeking regulatory approval for crypto ETFs.

In the United States, several investment firms have submitted applications for XRP ETFs to the Securities and Exchange Commission (SEC). Firms like Grayscale, CoinShares, Bitwise, WisdomTree, and 21Shares have all filed for approval, driven by shifts in the regulatory landscape. Additionally, other cryptocurrencies, including Solana (SOL), Litecoin (LTC), and Dogecoin (DOGE), have attracted ETF applications.

Changes in U.S. regulatory leadership have also fueled optimism. The resignation of SEC Chair Gary Gensler and expectations of a more crypto-friendly stance have encouraged asset managers to move forward with their filings. The SEC was