Purpose Launches Canada’s First XRP ETF, Trading Begins 18 June on TSX

Purpose Investments has confirmed that its spot XRP exchange-traded fund (ETF) will commence trading on the Toronto Stock Exchange (TSX) on 18 June after receiving a final prospectus receipt from the Ontario Securities Commission. This marks the first time a spot XRP ETF will be available in Canada.

The Purpose XRP ETF will offer investors direct exposure to XRP, the native token of the XRP Ledger, a decentralised blockchain network designed for efficient international payments. It will be available in three formats: CAD-hedged (ticker: XRPP), CAD non-hedged (ticker: XRPP.B), and USD-denominated (ticker: XRPP.U). These will be eligible for registered investment accounts.

Related: BlackRock’s Bitcoin ETF Records Best Month Ever, Hitting Ten Consecutive Days of Inflows

Shaping the Future of Blockchain Investing

Purpose has a history of innovation in the blockchain space, having launched the world’s first spot Bitcoin ETF in 2021, also in Canada. 

Vlad Tasevski, Chief Innovation Officer at Purpose, said the company was “proud to continue pushing the boundaries of what’s possible in the space by offering investors simple, secure access to the infrastructure powering real-world blockchain adoption.”

The OSC’s granting of a receipt for the Purpose XRP ETF prospectus reinforces Canada’s global leadership in building a regulated digital asset ecosystem.

Vlad Tasevski, Chief Innovation Officer at Purpose

The news of the XRP ETF boosted market sentiment, with XRP prices rising nearly 7% after the news broke, outperforming major cryptocurrencies including Bitcoin.

Purpose’s XRP ETF comes after months of regulatory preparation and follows a similar launch in Brazil earlier this year. While Canada and Brazil have moved forward with crypto ETFs, the US Securities and Exchange Commission has so far only approved spot ETFs for Bitcoin and Ethereum. 

Related: Trident Digital Tech Eyes $500M XRP Treasury as Shares Plunge Over 30%