- Purpose Investments has applied for approval to offer the Purpose Ripple ETF to get direct access to XRP.
- Its operation is built on achieving the investor’s long-term financial goals of high capital gains through primary investments in XRP.
- This scheme is in line with Purpose Investments’ belief to merge both traditional and decentralized finance with innovative crypto offerings.
Purpose Investments, an asset management firm that sits in Toronto, and is independent of $23bn AUM, has submitted paperwork with Canadian securities regulators to establish the Purpose Ripple ETF. This exchange-traded fund has the objective of giving investors direct investment in XRP because it is affiliated with Ripple Labs.
The strategy of Purpose Ripple ETF is to invest the majority of the assets in the long-term in XRP. Instead, it seeks to provide investors with a way to make a profit in the long term without owning the XRP token.
Som Seif, the founder and CEO of Purpose Investments stated on the increase of institutional interest in XRP: “With continued adoption and the desire for regulated exposure to XRP, it appears an ETF can provide a familiar product structure for investors.”
Vlad Tasevski, Chief Innovation Officer of Purpose Investments, commented and said that this marks another step forward for the group in its endeavor to be the go-to and most relied-on partner when it comes to investing in crypto and digital assets, by making them accessible while helping investors to fully comprehend and invest in them effectively.
Expanding Digital Asset Offerings
Moreover, Purpose Investments has launched two other products in the past, this is the spot Bitcoin and Ether ETFs which highlights the firm’s ambitions of offering exposure to revolutionary digital assets and blockchain technologies through regulated investment products. The proposed XRP ETF is in tune with this strategy since it seeks to link traditional finance to decentralized finance.
The filing was made when there was an upsurge in the applications of cryptocurrency exchange-traded funds. Most notably, NYSE Arca proposed to change the investment in Grayscale’s XRP Trust into the spot bitcoin ETF with Coinbase Custody as a custodian and BNY Mellon Asset Servicing as a transfer agent.
Will they buy it As such, if approved, the Purpose Ripple ETF would be the first such spot XRP ETF in the world that should give a regulated means through which investors can invest in XRP and enjoy its potential value. This has a bearing on the growing popularity of integrated investment products that require technological assets .
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