Canada Launches Three XRP ETFs on TSX in a Historic Day for Crypto Investment

On June 18, Canada launched three XRP ETFs on the TSX, indicating a surge in institutional interest for regulated cryptocurrency access. Evolve Funds, Purpose Investments, and 3IQ Corporation introduced these ETFs, each aimed at providing secure and transparent investment options for XRP. The launch is seen as a catalyst for enhanced regulatory clarity and potential future web cryptocurrency adoption, especially in the U.S.

Canada’s stock exchange, the TSX, has kicked off a significant revolution in the financial landscape with the launch of three XRP exchange-traded funds (ETFs) all on the same day. This historic event took place on June 18, marking a substantial increase in institutional demand as well as regulated access to cryptocurrencies. Evolve Funds Group, Purpose Investments, and 3IQ Corporation are the firms behind these new offerings, each providing secure access to the burgeoning XRP market.

This surge of XRP ETFs is a clear indicator of the growing interest from institutions in cryptocurrency investment. Each product aims to offer consumers a transparent and secure means of investing in XRP. Paul Grewal, Chief Legal Officer at Coinbase, highlighted the importance of Canada’s moves, tweeting about the regulatory clarity that seems to be revolutionizing innovation in the space. He also pointed out that the U.S. notably lags behind Canada, which launched the first bitcoin ETF back in 2021. He called for swift action on crypto legislation in the U.S.

The Evolve XRP ETF was the first to hit the market, trading under the ticker symbols XRP (CAD Unhedged) and XRP.U (USD). Elliot Johnson, COO and CIO at Evolve, expressed confidence in XRP’s practicality, citing its potential for enabling fast and economical cross-border transactions. The fund plans to hold XRP for the long term, sourcing assets primarily through platforms like Coinbase, and is structured to avoid derivatives trading, instead adjusting holdings based on demand.

Next up was Purpose Investments with its Purpose XRP ETF, which had received the necessary regulatory approval just ahead of its launch. Vlad Tasevski, Chief Innovation Officer at Purpose, commented on the impact of this approval, reinforcing Canada’s role as a leader in a regulated digital asset marketplace. It offers various units, both CAD hedged and non-hedged, and even USD units, which can be held in tax-advantaged accounts.

Meanwhile, 3IQ Corporation celebrated its entry into the market by ringing the closing bell on the TSX for the launch of its 3IQ XRP ETF. CEO Pascal St-Jean noted the decade-long growth potential of XRP, expressing optimism that their fund would provide a low-cost and tax-efficient avenue for investors. Ripple Labs has even invested in this fund, which will feature a 0% management fee for the first half-year.

The rapid emergence of these ETFs in Canada seems to have reignited speculation about potential XRP ETF approvals in the United States, with many analysts viewing it as a sign that regulatory sentiment may be shifting at the SEC. Advocates suggest that these developments could clear a path for significant institutional cryptocurrency adoption, thereby solidifying a more robust framework for future innovations in the financial sector.