Company Managing 23 Billion Dollars Introduces World's First Ripple (XRP) ETF!

While Grayscale's application to convert its XRP Trust to a spot XRP ETF excites XRP investors, Purpose Investments, which manages $23 billion in assets, has also made a new move.

Accordingly, Canadian asset management company Purpose Investments is preparing to launch the world's first Ripple (XRP) spot ETF.

At this point, the company reported that it has submitted a preliminary prospectus to Canadian securities regulators for the XRP ETF.

The Company stated that the purpose of the Ripple ETF is to invest a significant portion of its assets in long-term XRP assets and provide ETF Unit holders with the opportunity for long-term capital appreciation.

Purpose Investments' founder and CEO Som Seif said the following about the application:

"In Purpose, we are committed to bridging the gap between innovation and traditional and decentralized finance.

As XRP is being adopted and institutional interest is growing, we believe an ETF can provide investors with a regulated framework to access it in a transparent and familiar way.

This launch represents another important step in our efforts to be the leading and most trusted partner for investors by enabling them to understand, access, and invest safely in these assets, allowing investors to benefit from the advantages of crypto and digital assets.

Purpose Investments previously launched the world's first Bitcoin and Ethereum ETFs.