Canary Capital Files Application for a Spot XRP ETF

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Canary Capital, a firm specializing in crypto investments, has submitted a proposal to establish an exchange-traded fund (ETF) for XRP.

If approved, it would be the second ETF for XRP in the past week. The filing was made with the Securities and Exchange Commission on October 8, and stated that the ETF would provide investors with access to the XRP market through a traditional brokerage account.

Canary Capital plans to use the Chicago Mercantile Exchange (CME) CF Ripple index as a benchmark for tracking the price of XRP in real-time.

The ETF will not utilize derivatives, as this could introduce counterparty and credit risks for investors.