Canadian asset manager 3iQ has announced the launch of North America’s first XRP exchange-traded fund (ETF) on the Toronto Stock Exchange (TSX), sparking excitement among investors. Trading under the tickers XRPQ and XRPQ.U, this ETF provides a straightforward way for both individual and institutional investors to access XRP, the digital currency associated with Ripple’s fast and low-cost payment network.
What Makes the 3iQ XRP ETF Launch Unique?
The 3iQ XRP ETF distinguishes itself by offering direct exposure to XRP while removing the challenges associated with managing digital wallets or private keys. The fund is designed to hold long-term positions in XRP, with assets sourced from reputable exchanges and over-the-counter platforms, ensuring they are securely stored in cold storage.
Notably, Ripple, the organization behind XRP, is an early investor in the fund, which enhances its credibility and encourages trust among potential investors. The ETF features a zero management fee for the initial six months, making it an economical choice for investors interested in engaging with virtual currency through established brokerage accounts.
Furthermore, this ETF is accessible within registered accounts such as TFSAs and RRSPs, which provide unique tax advantages for Canadian investors. The launch of this product represents a significant advancement, as it is among the first XRP-focused ETFs in North America, positioning 3iQ as a leader in the regulated digital asset market.
XRP’s Global Reach
Canada’s progressive approach to cryptocurrencies has given it some measure of recognition in North America’s digital asset space. With the U.S. SEC recently resolving its Ripple lawsuit, Canada’s clear framework has followed suit, allowing 3iQ and Purpose Investments to launch XRP ETFs on the same day.
XRP, known for powering fast cross-border payments, is gaining traction worldwide, with banks and financial institutions adopting its technology. As XRP’s network activity surges, Canada’s bold step could inspire other markets to follow, amplifying XRP’s role in the future of finance.
As Canada solidifies its reputation as a crypto-friendly nation and XRP’s global adoption expands, this ETF provides investors with an opportunity to join the digital currency revolution. With Ripple’s backing and a fee-free start, 3iQ’s move could reshape how North Americans invest in crypto.
