- Canada plans on launching its first spot XRP ETF giving investors easy access to XRP through a regulated platform.
- The XRP ETF offers direct exposure without private keys or wallets and supports both CAD and USD investments.
- Global and institutional interest in XRP grows as Canada joins Brazil and Switzerland with regulated XRP funds.
Purpose Investments will launch Canada’s first spot XRP ETF on June 18. The ETF is set to debut on the Toronto Stock Exchange with the symbol XRPP. Its launch follows approval from the Ontario Securities Commission. It offers direct access to XRP, the cryptocurrency that operates on the XRP Ledger. Investors will not need to handle private keys or set up digital wallets to gain exposure.
The fund will be available in three unit options. These include CAD-hedged (XRPP), CAD non-hedged (XRPP.B), and USD-denominated (XRPP.U) versions. Each unit type can be held in registered investment accounts such as TFSAs and RRSPs. Purpose designed the ETF to help simplify access to digital assets for both retail and institutional investors. This launch adds to Purpose’s range of cryptocurrency ETFs, which already includes Bitcoin and Ethereum products.
The ETF holds actual XRP to mirror the token’s real-time market value. It allows investors to access XRP through a regulated channel, avoiding the risks of unregulated crypto platforms. Purpose structured the fund to support secure and transparent access to digital assets through familiar investment platforms.
Institutional Demand Drives Expansion in Digital Asset Offerings
The ETF’s launch signals rising interest in cryptocurrencies that go beyond Bitcoin and Ethereum. XRP facilitates fast, low-cost global transactions through its XRP Ledger blockchain, which offers a compelling choice for portfolios looking to invest in blockchain assets with practical applications.
Purpose has over $24 billion in assets under management and a track record of launching digital asset products. Each fund meets strict regulatory standards and focuses on investor protection. This latest ETF strengthens Purpose’s role in Canada’s financial ecosystem.
Globally, the XRP ETF becomes only the third of its kind. Similar products launched earlier in Brazil and Switzerland. Hashdex launched an XRP ETF on Brazil’s B3 exchange in April. 21Shares already offers an XRP ETP in the Swiss market. Canada’s entry positions it as a leading market for regulated digital asset funds.
US Market Awaits Regulatory Decisions on XRP ETFs
While the Canadian fund prepares for launch, US markets continue to wait for regulatory clarity. Seven US-based asset managers have filed for spot XRP ETFs. The Securities and Exchange Commission must issue a decision by October 17.
Approval odds have increased recently, with estimates reaching 87% according to market trackers. The XRP price saw a brief rally following Purpose’s announcement, reaching $2.33 before declining to $2.20. Market observers continue to monitor how North American investors respond to the new product launch.
