3iQ Launches XRP ETF on Toronto Stock Exchange With Backing From Ripple
Canadian asset supervisor 3iQ launched a brand new XRP-focused ETF for North American customers. The 3iQ XRP ETF (XRPQ) started buying and selling immediately on the Toronto Stock Exchange (TSX), providing traders 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 staff 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 another milestone in our mission to provide investors with convenient, cost-effective access to digital assets within a regulated framework,” stated Pascal St-Jean, president and CEO of 3iQ.
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New XRP ETF accessible to world traders
XRPQ is offered to Canadian traders via registered accounts and is accessible to certified worldwide traders, relying on native guidelines.
“XRP has demonstrated significant growth potential over the past decade, and this groundbreaking strategy offers Canadian and qualified global investors a transparent, low-cost and tax-efficient way to securely access that opportunity,” St-Jean added.
The launch comes as institutional urge for food for crypto publicity continues to develop, significantly in merchandise with regulatory readability and safe custody constructions.
Earlier this 12 months, 3iQ launched the Solana Staking ETF. According to the corporate, the fund is now the biggest Solana (SOL) ETF, with over $120 million in belongings beneath administration. 3iQ was additionally the primary to launch Bitcoin (BTC) and Ether (ETH) funds within the North American nation.
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More XRP funds hit markets
3iQ’s newest ETF arrives alongside one other XRP-focused launch from Purpose Investments, which additionally started buying and selling its spot XRP ETF this week.
The US Securities and Exchange Commission 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 record on the Cboe BZX Exchange.
Although Bitcoin and Ether ETFs have already been permitted, companies are actually competing to launch the primary spot ETFs for different main tokens, together with XRP and Solana.
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