According to TechFlow, The Block reported that cryptocurrency investment company Canary Capital submitted a registration application for a spot XRP exchange-traded fund (ETF) to the U.S. SEC, becoming the second company to apply for such a product this month.

Founder Steven McClurg said that as the demand for blockchain solutions grows, the company sees a more progressive regulatory environment. The ETF will provide investors with the opportunity to access the XRP market through traditional brokerage accounts, avoiding the potential risks of holding XRP directly. The custodian of the ETF has not yet been determined.