In a latest update, Purpose Investments Inc., known for launching the world’s first Bitcoin and Ether ETFs, has filed a preliminary prospectus with Canadian securities regulators for the proposed launch of Purpose Ripple ETF.
The fund manager with more than $23 billion in assets under management, is preparing to launch the first XRP ETF globally. Notably, the Purpose Ripple ETF plans to invest substantially all of its assets in long-term holdings of Ripple (XRP) and aims to offer ETF holders the opportunity for long-term capital growth.
Som Seif, founder and CEO of Purpose Investments, stated that the company is dedicated to innovating and connecting traditional finance with decentralized finance. He believes that as XRP gains more adoption and institutional interest, an ETF would provide investors with a clear and regulated way to invest in it.
Vlad Tasevski, Chief Innovation Officer, emphasized that the launch of the Purpose Ripple ETF is a significant milestone in their mission to be the top trusted partner for investors seeking to benefit from crypto and digital assets. “We remain committed to providing exposure to transformative digital assets and blockchain technologies through regulated investment vehicles,” he added.