Canary Capital, the digital asset-oriented investment firm founded by former Valkyrie funds co-founder Steven McClurg, intends to launch an Exchange-Traded Fund (ETF) when following the price of Axelar (AXL).
The company submitted an S-1 application on Wednesday to the Securities and Exchange Commission (SEC) and started the process to launch such a fund. The Hedgefonds has previously submitted paperwork for various other ETFs. Some of these have already been recognized by the committee and are waiting for approval.
“Axelar has one of the best DEV teams in blockchain. Most viable protocols work with them together with chain interoperability,” says Steven McClurg, Chief Executive Officer at Canary Capital. “There is no doubt that AXL will be a top 20 -token through market capitalization while the market discovers them. That’s why we have taken the risk.”
AXL is the native token of the Alexar Network, a cross-chain protocol that connects other block chains, making decentralized, secure cross-chain transactions possible. Unlike many interoperability solutions that depend on a small set of validators, Axelar works on a proof-of-stake consensus model, so that everyone can participate in his network, said Sergey Gorbunov, co-founder of Axelar, in an interview with Coindesk.
The Protocol, which was previously integrated by the Kinexys platform of JP Morgan, Microsoft’s Azure Marketplace and Uniswap and Metamask, also announced the appointment of the former Coinbase Chief Legal Officer and acting competent of the newly formed advisory council.
“Brian comes with a pretty deep understanding of how you ensure that blockchain is taken over by traditional finances,” said Gorbunov. “He understands what pain points this power publisher have and he believes that decentralized interoperability is very essential to not introduce all those issues in the process.”
According to Gurbunov, Stablecoins and tokenization are ready to be the following important trends for institutions in crypto, powered by legal developments and efficiency transactions. A stablecoin invoice that is expected in the coming months could open the door for more financial institutions to publish and integrate Stablecoins, whereby companies such as PayPal, BlackRock and Robinhood already investigate the use of the settlement to lower the costs.
AXL is currently being traded at $ 0.36 and, according to Coindesk, is on a market capitalization of $ 340 million. The Token reached a record high in March 2024 at $ 2.69 but has since fallen.
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