XRP ETF Approval Marks the Beginning of a New Era on Nasdaq

XRP investors experienced an exciting development. Nasdaq officially approved the XRP ETF prepared by Canary Capital Group and announced that the product will start trading tomorrow under the code XRPC. This situation indicates that the cryptocurrency ETF processes continue despite uncertainties caused by the government shutdown in the U.S.

On Wednesday, Nasdaq stated in the documents sent to the Securities and Exchange Commission (SEC) that the certification process for the Canary XRP ETF has been completed. It was expressed that the fund will start trading on November 14, Thursday. The SEC's recent encouragement for firms to proceed with the S-1 form even while the government is closed enabled the listing of this cryptocurrency ETF. Unlike normal conditions, the absence of a “delaying amendment” in the S-1 form sped up the process, and the only requirement was to meet the technical listing standards approved by the SEC in September.

As part of this process, Canary Capital completed the Form 8-A application on Tuesday. Additionally, major investors such as Bitwise, 21Shares, WisdomTree, ProShares, and Grayscale still have their XRP ETF applications under review. The competition in the cryptocurrency ETF market is heating up. The first XRP-focused ETF in the market was launched by REX Shares in September. This fund invests at least 40% of its assets directly in XRP or other ETFs linked to XRP.

Next, there may be meme coin Dogecoin (DOGE) ETFs. REX Shares and Osprey Funds launched the Dogecoin ETF with the code DOJE in September. Grayscale’s DOGE and XRP ETF applications, along with some other applications, are likely to be approved by November 23. Additionally, it has been reported that 21Shares is preparing to launch the XRP ETF after the government reopens. These developments indicate that the competition in the crypto ETF market is increasing and institutional products targeting major altcoins will likely be available soon.