Spot XRP ETF In Canada Goes Live On Toronto Stock Exchange

Highlights

The Purpose XRP ETF becomes the third spot XRP ETF to launch in the world.
The ETF will trade under the ticker 'XRPP.'
This is the one of the first spot XRP ETF to launch in Canada.
3iQ's XRP ETF also launched In Canada today.

Purpose Investments has launched the Purpose XRP ETF under the ticker ‘XRPP’ on the Toronto Stock Exchange (TSX). This becomes the third Spot ETF to launch worldwide and the first in Canada, a development that represents a milestone for the altcoin’s ecosystem.

Purpose XRP ETF Launches On The TSX

In a press release, Purpose Investments announced the launch of the Purpose XRP ETF, which is now trading on the TSX under the ticker ‘XRPP.’ The asset manager noted that the ETF will offer spot exposure to XRP, which is the native token of the XRP Ledger (XRPL) and has ties to Ripple.

Meanwhile, this is the first XRP fund to launch in Canada and the third to launch worldwide after 21Shares XRP ETP in Switzerland and Hashdex’s ETF in Brazil. The ETF will be available in CAD-hedged (TSX: XRPP), CAD non-hedged (TSX: XRPP.B), and US dollar (TSX: XRPP.U) units.

As CoinGape reported earlier, Purpose Investments secured the final regulatory approval to launch the fund on June 16. Following the approval, the asset manager revealed that the fund would likely go live on June 18, which has now happened.

Commenting on the launch, Vlad Tasevski, Purpse Investments Chief Innovation Officer, said,

Canadian investors continue to look for simple, safe, and transparent ways to access the digital asset market, and the XRP ETF has been one of the most requested digital assets in our lineup, thanks to XRP’s design for fast, low-cost global payments

The release also stated that XRP stands out in a crowded digital asset landscape due to its real-world use case and growing interest. It is worth mentioning that Ripple-backed 3iQ XRP ETF also launched on the Toronto Stock Exchange today. The fund will also offer direct exposure to XRP with a 0% management fee for the first 6 months.

Amid this announcement, the XRP price is down in the last 24 hours. CoinMarketCap data shows that the altcoin is currently trading at $2.12, down over 4% during this period.

XRP Price Daily Chart — Source: CoinMarketCap

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

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