Breaking: Purpose Investments To Launch XRP ETF In Canada On June 18

Purpose Investments has announced the imminent launch of Canada’s first spot XRP ETF. The fund will go live on the Toronto Stock Exchange on June 18 as the platform received regulatory nod from the Ontario Securities Commission (OSC). Though the XRP price hit a daily high of $2.33 following this crucial development, it dipped to $2.23.

Purpose XRP ETF To Go Live On June 18

In a press release, the asset manager announced that it has received a final prospectus receipt for its Purpose XRP ETF, a development which it claimed marks a significant milestone in the evolution of digital asset investing in Canada.

Following this approval, Purpose Investments stated that the ETF is likely to begin trading on the Toronto Stock Exchange under the ticker ‘XRPP’ on Wednesday, June 18.

The Purpose XRP ETF will offer institutional investors direct exposure to XRP, which is the native token of the XRP Ledger (XRPL). The spot ETF will become the third to launch worldwide. Hashdex launched its XRPH11 on Brazil’s B3 stock exchange in April earlier this year, while 21Shares XRP ETP is already trading in Switzerland.

The release also stated that the ETF will be available in CAD-hedged (ticker XRPP), CAD non-hedged (ticker XRPP.B), and US dollar (ticker XRPP.U) units, and will be eligible for holding in registered accounts such as TFSAs and RRSPs.

Meanwhile, while an XRP ETF is set to launch in Canada, US issuers await the SEC’s decision on the pending applications. Seven asset managers have already filed with the Commission to offer this fund.

As CoinGape reported, the ETF approval odds just hit 87%, providing optimism that this US fund will also launch this year. The final deadline for this fund comes up on October 17, when the Commission will have to approve or deny the pending applications.

The XRP price has rebounded amid the announcement of the June 18 launch of the Purpose XRP ETF. According to CoinMarketCap data, the altcoin was up over 7% immediately after the announcement, trading at around $2.32. However, now the price is down, and the token is trading at around $2.20.