Purpose Investments launches Canada’s first XRP ETF on TSX, trading as XRPP, offering direct XRP exposure after regulatory approval.
Purpose Investments has introduced the Purpose XRP ETF on the Toronto Stock Exchange (TSX) under the ticker ‘XRPP.’ This marks a significant milestone for the altcoin ecosystem, as it is the first in Canada and the third Spot ETF to be launched globally.
Purpose Lists the XRP ETF (XRPP) on TSX
Purpose Investments announced the launch of the Purpose XRP ETF in a press release. The ETF is currently trading on the TSX under the ticker ‘XRPP.’ The asset manager observed that the ETF would provide spot exposure to XRP, the native token of the XRP Ledger (XRPL), and associated with Ripple.
In the interim, this marks the inaugural spot XRP fund to be launched in Canada and the third globally, following the 21Shares XRP ETP in Switzerland and Hashdex’s ETF in Brazil. The ETF will be offered in three different units: CAD-hedged (TSX: XRPP), CAD non-hedged (TSX: XRPP.B), and US dollar (TSX: XRPP.U).
The fund was officially launched on June 16 after Purpose Investments received the final regulatory approval. After the sanction was granted, the asset manager disclosed that the fund was anticipated to be operational on June 18, which has since transpired.
Vlad Tasevski, Chief Innovation Officer at Purpose Investments, commented on the launch, providing the following statement:
Canadian investors continue to look for simple, safe, and transparent ways to access the digital asset market, and the XRP ETF has been one of the most requested digital assets in our lineup, thanks to XRP’s design for fast, low-cost global payments
The release also asserted that XRP’s real-world use case and increasing interest distinguish it in a crowded digital asset landscape.
The price of XRP has decreased in the past 24 hours following this announcement. The altcoin is currently trading at $2.12, a decrease of over 4% during this period, according to CoinMarketCap data.
