XRP Spot ETF Coming Soon: Purpose Investments Awaits Regulatory Approval

• Spot XRP ETF proposed by Purpose Investments.
• Transparent and regulated access to XRP for investors.
• Awaiting regulatory approval, with strong institutional foundation.

Purpose Investments, a leader in creating innovative financial products, is in the process of expanding its ETF lineup to include a first-of-its-kind XRP-based fund, pending the necessary regulatory approval. This would be the first XRP spot ETF on the market, solidifying the position of the fund manager, which already manages over $20 billion in assets.

Recently, the company, which is headquartered in Toronto, submitted A formal application has been filed with Canada’s securities regulator to introduce the Purpose Ripple ETF. According to Som Seif, founder and CEO of Purpose Investments, the growing interest in XRP from financial institutions reinforces the demand for a product like the proposed ETF. “Seeing the growing institutional adoption and interest in XRP, we believe that an ETF would be the ideal way for investors to access this asset in a transparent and regulated manner,” Seif highlighted.

The fund’s goal is to facilitate long-term capital appreciation through direct exposure to XRP, the third-largest digital asset by market capitalization. Through familiar investment formats such as ETFs, Purpose Investments aims to democratize access to digital assets, making them more understandable to the general public.

The approval of this ETF would expand the company’s portfolio of digital products, which already includes spot ETFs for Bitcoin and Ether. Vlad Tasevski, Chief Innovation Officer at Purpose, highlighted the company’s commitment to being a trusted resource for investors interested in cryptocurrencies and digital assets, making it easier to understand and invest safely in these assets.

At the time of publication, the price of XRP was quoted at $3,11 with a drop of 0,6% in the last 24 hours.