Canary Capital, the digital asset-focused investment company founded by former Valkyrie Fundsfedter Steven McClurg, plans to launch a stock exchange fund (ETF) that tracks the award of Axelar (AXL).
The company presented an S-1 archiving at Securities and Exchange Commission (SEC) on Wednesday and started the process to launch such a fund. The Hedge Fund has previously archived paperwork for several other ETFs. Some of these have already been recognized by the Commission and are awaiting approval.
“Axelar has one of the best dev -teams in blockchain. Most viable protocols work with them on chain inter operability,” said Steven McClurg, CEO of Canary Capital. “There is no doubt that Axl will be a Top 20 -Token at market value as the market discovers them. That’s why we took the risk.”
Axl is the native token for the Alexar network, a cross-chain protocol connecting other blockchains, enabling decentralized, secure transverse chain transactions. Unlike many interoperability solutions that depend on a small set of validators, Axelar operates on a proof-of-stake consensus model that gives everyone the opportunity to participate in his network, Sergey Gorbunov, co-founder of Axelar, said in an interview with Coindesk.
The protocol, which has previously been integrated by JP Morgan’s Kinexys platform, Microsoft’s Azure Marketplace as well as Uniswap and Metamask, also announced the appointment of the former Coinbase chief of legal officer and acting controller of currency Brian Brooks to his newly established institutional advisory board.
“Brian comes with a pretty deep understanding of how to actually make sure blockchain is adopted by traditional funding,” Gorbunov said. “He understands what pain points out that these asset issuers have, and he believes that decentralized interoperability is very important not to introduce all these issues in the process.”
According to Gurbunov, stableecoins and tokenization are ready to be the next major trends for institutions in crypto, driven by legislative developments and efficiency gains. A stablecoin bill proposed in the coming months could open the door to more financial institutions to issue and integrate stablecoins, with companies such as PayPal, BlackRock and Robinhood, which are already investigating their use to settlement to reduce costs.
AXL is currently trading at $ 0.36 and is on a market capital of $ 340 million, according to Coindesk data. The token reached a highlight of all the time in March 2024 to $ 2.69, but has since fallen.
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