ETF for Ripple is Being Launched: They are Acting Before the US! - Coin Bulletin

The Canada-based cryptocurrency asset management company 3iQ announced that it has launched an XRP-based ETF product on the Toronto Stock Exchange.

Crypto markets are witnessing another significant development. One of the world's leading digital asset management companies, 3iQ, announced that it has opened the XRP-based exchange-traded fund to investors on the Toronto Stock Exchange, one of Canada’s largest exchanges (TSX). The ETF will trade under the symbol XRPQ on the exchange.

In a formal statement from the company, it was noted that the XRP ETF will offer investors a zero management fee advantage during the first six months. Additionally, the ETF will be available through official investment accounts in Canada and will also be opened to qualified investors worldwide, subject to regulatory requirements.

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(# Investment support from Ripple

The most notable feature of the ETF is that Ripple Labs, the developer of XRP, was among the early investors in 3iQ's XRPQ fund. The amount of investment made by Ripple Labs has not yet been disclosed to the public.

3iQ CEO Pascal St-Jean stated, "XRP has demonstrated significant growth potential over the last 10 years, and this innovative strategy offers investors a transparent, low-cost, and tax-advantageous investment avenue". This move supported by Ripple is seen as an indicator of a shared vision for the development of the digital asset sector.

The 3iQ team will participate in the gong ceremony to be held today at the TSX closing in honor of the ETF launch. This move is expected to further strengthen Canada's leading position in the digital asset market.