Canada’s $XRP ETF Launch Sparks FOMO in the U.S. 🚀
Canada Leads with XRP ETFs
Canada has become the first North American country to approve and launch XRP exchange-traded funds (ETFs), creating a buzz in the crypto world. 3iQ and Purpose Investments, two Canadian asset managers, have now listed their XRP ETFs on the Toronto Stock Exchange (TSX). 📈
What Are XRP ETFs?
These funds allow investors to gain exposure to XRP, the fourth-largest cryptocurrency by market cap, without the hassle of directly managing it. 3iQ’s XRP ETF trades under XRPQ, while Purpose’s funds are listed as XRPP, XRPP.B, and XRPP.U, offering different currency exposures. 🌍
Backing from Ripple
Ripple, the company behind XRP, is an early investor in 3iQ’s fund, which offers a 6-month 0% management fee and stores assets in secure cold storage. Purpose’s ETFs also provide tax-efficient access through Canadian investment accounts like RRSPs and TFSAs. 💡
Institutional Interest and Global Access
The ETFs were launched to cater to growing institutional investor interest in regulated, secure crypto products. These funds are not only available to Canadian investors but also to certain international investors, depending on local rules. 🌐
U.S. Delays XRP ETF Approval
Meanwhile, the U.S. is still waiting for regulatory approval on its XRP ETFs, with applications from firms like Franklin Templeton, Bitwise, and Grayscale under review. The deadline for Franklin Templeton’s XRP ETF passed, and ProShares’ deadline is fast approaching in just two weeks. 📅
The Pressure on the U.S.
Experts believe that the U.S. risks missing out on a major opportunity if it delays further. Investors could turn to Canada or other more crypto-friendly markets, as Paul Grewal from Coinbase tweeted: “It’s time for the U.S. to catch up and finalize crypto legislation.” ⏳
Stay tuned as the competition heats up between Canada and the U.S. in the race for crypto innovation! 🚀
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