The race to launch an exchange-traded fund (ETF) tracking XRP, the world’s seventh-largest cryptocurrency, has begun. Canary Capital Group, a new investment firm founded in September that focuses on digital assets, filed paperwork with the U.S. Securities and Exchange Commission on Tuesday to launch the Canary XRP ETF.

The move comes a week after Bitwise Asset Management filed the first application to launch an ETF tracking the coin.

Canary, founded by Stephen McClurg, the former co-founder of Valkyrie Funds, said in a statement that it was encouraged by “signs of a more progressive regulatory environment and growing investor demand.”