While Grayscale’s application to the SEC to convert its XRP Trust into a spot XRP ETF has created great excitement among XRP investors, a new step has also come from Canadian asset management company Purpose Investments.
Purpose Investments is preparing to launch the world’s first Ripple (XRP) spot ETF and in the process announced that it has filed a preliminary prospectus for the XRP ETF with Canadian securities regulators.
The company stated that the main purpose of the XRP ETF is to direct a large portion of its assets into long-term XRP investments and provide long-term capital appreciation opportunities to ETF Unit holders.
Som Seif, founder and CEO of Purpose Investments, said the following about the application:
“At Purpose, we continue our commitment to innovation and our efforts to bridge the gap between traditional and decentralized finance. At a time when XRP is gaining wider acceptance and institutional interest, an ETF can provide investors with a transparent and familiar path to XRP within a regulated framework. This launch represents another important step in ensuring investors can confidently invest in crypto and digital assets while enjoying their benefits. This process brings us one step closer to our goal of becoming a leading and trusted partner for investors.”
Purpose Investments had previously taken an important step by launching the world's first Bitcoin and Ethereum ETFs.
