XRP ETF: Canary Capital Drops Second Filing After Bitwise

After Bitwise, Canary Capital just threw its hat in the ring for XRP ETF after lodging S-1 registration statement with the US SEC

Investment management firm Canary Capital has filed to list and trade XRP ETF in the US. Following the footsteps of Bitwise, the firm said it is confident in the current regulatory climate around the digital currency.

Does Canary Capital Stand a Chance With XRP ETF?

Canary Capital is a new crypto investment firm founded by Steven McClurg of Valkyrie Funds. In January, the McClurg-led firm teased a potential launch of an XRP ETF and filed an S-1 with the US Securities and Exchange Commission (SEC). 

🚨NEW: Canary Capital has officially filed an S-1 with the @SECGov for an $XRP ETF.

Canary is a new #crypto investment firm launched by @ValkyrieFunds founder @stevenmcclurg.

“We’re seeing encouraging signs of a more progressive regulatory environment coupled with growing… pic.twitter.com/GbLWQy5p7q

— Eleanor Terrett (@EleanorTerrett) October 8, 2024

This marks a significant shift in the crypto investment space, offering investors regulated access to XRP as the demand for diversified digital assets grows. 

This ETF would expand crypto investment options if approved, potentially setting a precedent across different markets. Canary Capital is betting on the future of digital finance, where practical blockchain applications and institutional adoption are key. 

However, there is a growing concern about the recent SEC Appeal in its case against Ripple. The regulator still contends that XRP is secure when traded on secondary exchanges. This appeal will elongate the legal battle, casting doubts on the prospect of the XRP ETF product.

It is worth noting that Bitwise is also in a similar boat with its previously filed XRP ETF offering. However, the fact that the asset managers pursuing this product are two underscores the growing interest in XRP overall.

Ripple Recognized for Global Finance Revolution

In other news, Juniper Research named Ripple Labs Inc. the Platinum Winner for Best Cross-Border Payments Platform.  

This accolade highlights Ripple’s trailblazing efforts in redefining cross-border payments. Interestingly, the company is setting new standards for efficiency, speed, and cost-effectiveness. 

At its core, Ripple is now synonymous with innovation in cross-border payments. Its blockchain technology, particularly RippleNet, offers an alternative to outdated and expensive systems traditionally dominating international transactions, like SWIFT. 

By securing licenses in Dubai and other regions, Ripple hopes to advance its business continually, regardless of the XRP strain in the US.

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