Crypto investment firm Canary Capital has filed a registration statement with the SEC to launch a spot XRP ETF.
It is the second firm this month to pursue such a product.
According to the statement filed Tuesday, the Canary XRP ETF aims to provide investors with a way to enter the XRP market through a brokerage account, without the potential barriers or risks associated with directly acquiring and holding XRP.
At this time, the ETF's custodian or administrator has not been disclosed.
In a statement, founder Steven McClurg said there are signs of a more progressive regulatory climate and growing investor demand for access to cryptocurrencies beyond just Bitcoin and Ethereum.