Purpose Investments has revealed that it will launch the first spot-based XRP exchange-traded fund (ETF) in North America on June 18.
The novel product, which will offer investors direct access to the fourth-largest altcoin by market cap, will be available for trading on the Toronto Stock Exchange.
The confirmation comes after it secured regulatory approval from the Ontario Securities Commission (OSC), Canada's main securities regulator.
Asreported by U.Today, Hashdex launched the very first spot XRP ETF in Brazil earlier this year.
What about the US?
A slew of issuers of the likes of Franklin Templeton, WisdomTree, and Bitwise, have all filed to launch spot XRP ETFs in the US.
However, it is not clear when these products will eventually be approved. According to Bloomberg, they are likely to be greenlit by the U.S. Securities and Exchange Commission (SEC) in the fourth quarter of the year alongside some other altcoin ETF proposals.
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There is an 88% chance of a spot XRP ETF being greenlit this year following the launch of CME Group's regulated XRP futures.
Existing XRP ETFs in the US
The first XRP ETF was launched in the US in April by Teucrium. The leveraged product offers twice the daily returns of the Ripple-linked token. Last month, Volatility Shares introduced the first futures XRP ETF that offers one-to-one exposure to the Ripple-linked token.
