The open-source blockchain platform XDC Network is planning to launch its own ETF. XDC supports smart contracts based on Ethereum (EVM) and works with systems like SWIFT, making it easy to handle real-world asset transactions.
Recently, XDC co-founder Ritesh Kakkad shared that the network is using blockchain to change the way finance works. They have applied for an ETF in the U.S. The goal is to make investing easier for everyday people while also attracting large institutions and pushing adoption of the platform.
XDC Network Applies for ETF in the US
The XDC network has had developments recently with its advanced technology and diversified partnerships. Kakkad said in an interview with Fintech TV, “Now the best part is we are applying for an ETF for XDC.” He added that the company will likely launch its ETF in a couple of weeks.
This launch will definitely increase the accessibility, legitimacy, and institutional adoption of its native crypto, XDC. It will also make the process feasible for the investors to buy and sell the crypto through various brokerage platforms.
Why is XDC Applying For An ETF?
As the demand for crypto is growing, more companies are applying for ETFs or are integrating digital assets into their traditional finance. The XDC co-founder explained that companies are making big fortunes with cryptocurrencies. Those who started with small investments have become billionaires.
Kakkad said, “If you look at ETP and ETF, it just started a few months back. And after the government approval of various Bitcoin ETFs, you will see more than 40 to 50 billion worth of traditional funds come into these digital assets.”
“And now I see this is just the beginning because they are sitting on like trillions of dollars of fiat money and they are looking for a new asset,” he added.
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