While Grayscale’s application to the SEC to convert its XRP ($3.04) Trust into a spot XRP ETF excited XRP investors, a new move also came from Purpose Investments, which manages $23 billion in assets.
Accordingly, Canadian asset management company Purpose Investments is preparing to launch the world’s first Ripple (XRP) spot ETF.
At this point, the company reported that it has filed a preliminary prospectus for its XRP ETF with Canadian securities regulators.
The company stated that the aim of the Ripple ETF is to invest a significant portion of its assets in long-term XRP holdings and provide long-term capital growth opportunities to holders of ETF Units.
Som Seif, founder and CEO of Purpose Investments, said the following about the application:
“At Purpose, we are steadfast in our commitment to innovation and bridging the gap between traditional and decentralized finance.
As XRP adoption and institutional interest grows, we believe an ETF could offer investors a transparent and familiar way to access it within a regulated framework.
“This launch represents another important step in our efforts to be the leading and most trusted partner for investors by enabling investors to understand, access and invest in these assets with confidence, enabling them to reap the benefits of crypto and digital assets.”
Purpose Investments previously launched the world’s first Bitcoin and Ethereum ETFs.
*This is not investment advice.
Continue Reading: The Company Managing $23 Billion Introduced the World’s First Ripple (XRP) ETF!
