Cryptocurrency investment institution Canary Capital has submitted an application for registration of an XRP spot ETF to the U.S. SEC, becoming the second company to apply for such a product this month.
The company said in its S-1 registration statement filed on Tuesday that the Canary XRP ETF provides investors with "access to the XRP market through traditional brokerage accounts, without the potential barriers to entry or risks involved in directly acquiring and holding XRP." The ETF has not yet designated a custodian or manager.
Steven McClurg, founder of Canary Capital, said: "We see encouraging signs of a more progressive regulatory environment, coupled with growing investor demand for sophisticated access to cryptocurrencies beyond Bitcoin and Ethereum, especially investors seeking access to enterprise-grade blockchain solutions and their native tokens such as XRP." (The Block)