Canary Capital, the digital investment dedicated to firm Former Furkyrie Funds co-founder Steven McClurg, is planning to launch an exchange exchanged funding (ETF) that monitors Axellar’s price (Axl).
The firm submitted a filing of S-1 At the Securities and Exchange Commission (SEC) on Wednesday, the process was kicked out to launch such funds. The fence fund is Before Filed paperwork for many other ETFs. Some of them were identified by the commission and were waiting for approval.
“Axlar has one of the best Dev teams in the blockchain. Most viable protocols work with them in chain interoperability,” said Steven McClurg, chief executive officer in Canary Capital. “There is no question that the AXL will be a top 20 tokens by market capitalization as they discover in the market. This is why we took the risk.”
The AXL is the native token of the Alexar Network, a cross-chain protocol that connects other blockchains, which activates decentralized, safe cross-chain transactions. Unlike many interoperability solutions that rely on a small set of validators, Axlar operates in a proof-of-stake model, allowing anyone to participate in its network, Sergey Gorbunov, Axlar’s co-founder, told an interview with CoinDesk.
The protocol, previously included by the Kinexys platform of the JP Morgan, Microsoft’s Azure Marketplace as well as Uniswap and Metamask, also announced the appointment of former Coinbase’s legal leadership and acting comptroller Brian Brooks to the newly formed institutional advisory board.
“Brian has a pretty deep understanding of how you really make sure the blockchain is adopted by traditional finances,” Gorbunov said. “He understands what the disease teaches that those who give the owner and he believes that decentralized interoperability is very important in order not to introduce all issues in the process.”
According to Gurbunov, Stablecoins and Tokenization have prepared to be the next major trends for crypto institutions, encouraged by regulatory development and acquisitions. A bill that is expected in the coming months may open the door for more financial institutions to issue and combine stablecoins, including companies such as PayPal, Blackrock, and Robinhood that explore their use for negotiating to reduce costs.
AXL is currently trading for $ 0.36 and stands in a market cap of $ 340 million, according to CoinDesk data. The token reached a full time high in March 2024 at $ 2.69 but since the drop.
Divinity: The parts of this article were formed with the help from the AI tools and our editorial team reviewed to ensure accuracy and compliance with our standards. For more information, see CoinDesk whole You have a polycy.
