Canadian asset supervisor 3iQ has launched a brand new XRP-focused ETF for North American customers. The 3iQ XRP ETF (XRPQ) started buying and selling at this time on the Toronto Inventory Change (TSX), providing buyers direct publicity to the fourth-largest digital asset by market cap.
Ripple, the blockchain firm behind the XRP Ledger and the XRP (XRP) cryptocurrency, is an early investor within the fund, 3iQ stated in a Wednesday announcement. To mark the event, the 3iQ group will ring the TSX’s closing bell this afternoon.
The ETF debuts with a six-month 0% administration payment. It invests solely in long-term XRP positions acquired from respected exchanges and OTC platforms, with all holdings saved in chilly storage, per the announcement.
“The launch of XRPQ marks one other milestone in our mission to offer buyers with handy, cost-effective entry to digital property inside a regulated framework,” stated Pascal St-Jean, president and CEO of 3iQ.
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New XRP ETF accessible to world buyers
XRPQ is accessible to Canadian buyers via registered accounts and is accessible to certified worldwide buyers, relying on native guidelines.
“XRP has demonstrated important development potential over the previous decade, and this groundbreaking technique provides Canadian and certified world buyers a clear, low-cost and tax-efficient method to securely entry that chance,” St-Jean added.
The launch comes as institutional urge for food for crypto publicity continues to develop, notably in merchandise with regulatory readability and safe custody constructions.
Earlier this yr, 3iQ launched the Solana Staking ETF. In line with the agency, the fund is now the most important Solana (SOL) ETF, with over $120 million in property underneath administration. The agency was additionally the primary to launch Bitcoin (BTC) and Ether (ETH) funds within the North American nation.
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Extra XRP funds hit markets
3iQ’s newest ETF arrives alongside one other XRP-focused launch from Goal Investments, which additionally started buying and selling its spot XRP ETF this week.
In the meantime, within the US, the Securities and Change Fee has opened a public remark interval for 2 proposed ETFs from Franklin Templeton, together with the Franklin XRP ETF and the Franklin Solana ETF, each aiming to checklist on the Cboe BZX Change.
Though Bitcoin and Ether ETFs have already been accepted, corporations at the moment are competing to launch the primary spot ETFs for different main tokens like XRP and Solana.
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