Canada has become the first country in North America to launch the $XRP exchange-traded funds (ETFs), providing investors with organized and tax-exempt exposure through leading platforms.
On June 18, Purpose Investments listed the XRPP currency in both Canadian dollar, non-Canadian dollar, and US dollar formats, while 3iQ launched the XRPQ currency with a six-month fee waiver. Both exchange-traded funds are available on the Toronto Stock Exchange (TSX) and are held in TFSA and RRSP accounts and similar accounts.
The launch of the organized XRP exchange-traded funds (ETFs) allows investors to bypass cryptocurrency wallets and exchanges. It also enhances institutional custody and places Canada ahead of the United States, where the U.S. Securities and Exchange Commission (SEC) has been slow to list the instant XRP.
The value of $XRP surged by about 8% amid expectations of trading funds. Whale accumulation reached a record level, with each of the 2700 addresses holding more than a million XRP, indicating a renewed confidence.
With Canada and Brazil accelerating, U.S. regulators may be forced to act - as Franklin, Fidelity, and Grayscale await XRP applications. The continued adoption of exchange-traded funds could redraw the path for XRP.
