Market News

Canada Steps Up with Ripple-Backed XRP ETF Launch

Canada's Toronto Stock Exchange has made headlines with the introduction of a new XRP ETF, launched by 3iQ Corp., aimed at enhancing accessibility for investors.

The ETF, trading under the ticker XRPQ, offers a 0% management fee for the first six months, presenting a compelling opportunity for both retail and institutional clients.

Investors can now own XRP without the complexities associated with private wallets or unregulated exchanges, thus simplifying entry into the cryptocurrency market.

The 3iQ ETF will store XRP coins in cold storage, ensuring the safety of each investor’s assets and reducing hack risk significantly.

Ripple, the San Francisco-based blockchain company, has invested in the fund, reinforcing its confidence in XRPQ's security and structure amidst legal challenges in the U.S.

Over the past decade, the price of XRP has skyrocketed by about 10,700%, illustrating the significant growth potential that the ETF seeks to capitalize on.

Notably, Purpose Investments has also launched its own XRP ETF, XRPP, on the same day, increasing competition in this growing segment.

As over ten applications for XRP ETFs await approval from the U.S. Securities and Exchange Commission, Canadian markets remain at the forefront of crypto ETF innovation.

The debut of XRPQ and its zero-fee offer underscores a growing trend of traditional markets embracing digital assets in a regulated environment.

With Ripple’s support and a streamlined investment process, XRPQ could attract significant interest from those looking to engage in the cryptocurrency space without typical barriers.