Crypto asset manager 3iQ has introduced an XRP XRP exchange-traded fund (ETF) on the Toronto Stock Exchange, the company said on Wednesday.
The 3iQ XRP ETF (TSX: XRPQ) will launch with a 0% management fee for the first six months and is available for investment through registered accounts in Canada, and its TSX listing enables access for qualified investors globally, subject to local regulations, according to a press release.
Earlier this week, asset manager Purpose Investments announced it would also begin on Wednesday trading of a spot XRP ETF on the Toronto Stock Exchange under the XRPP ticker.
3iQ was one of the first fund managers to list a bitcoin BTC fund, with its Bitcoin Fund on the TSX, and the first with a publicly listed ether fund, also in Toronto. Ripple, the creator of the XRP token, is an early investor in 3iQ’s XRPQ vehicle (the amount invested was not disclosed).
“XRP has demonstrated significant growth potential over the past decade, and this groundbreaking strategy offers Canadian and qualified global investors a transparent, low-cost and tax-efficient way to securely access that opportunity,” said Pascal St-Jean, president and CEO of 3iQ.
“Ripple Labs’ investment support reflects our shared leadership in advancing the digital asset space,” he said.
The 3iQ team will ring the closing bell this afternoon on the TSX floor to commemorate the ETF launch, the company said.
Read more: Spot XRP ETF Set to Start Trading in Canada This Week After Regulatory Nod, Token Up 7%