Canary Capital, the asset -centered digital investment firm founded by former Valkyrie Funds Steven McClurg co -founder, is planning to launch a negotiated (ETF) exchange fund that tracks the price of Axelar (AXL).
The firm presented a S-1 presentation to the Bag and Securities Commission (SEC) on Wednesday, starting the process to launch said fund. The coverage fund has previously submitted documents for several other ETF. Some of these have already been recognized by the Commission and expect approval.
“Axlar has one of the best development teams in Blockchain. The most viable protocols work with them in the interoperability of the chain,” said Steven McClurg, executive director of Canary Capital. “There is no doubt that Axl will be one of the 20 main tokens for market capitalization as the market discovers them. That is why we take a risk.”
Axl is the native token of the Alexar Network, a cross chain protocol that connects other block chains, allowing decentralized and safe transactions of transverse chain. Unlike many interoperability solutions that depend on a small set of validators, Axelar operates in a stake test consensus model, allowing anyone to participate in their network, said Sergey Gorbunov, co -founder of Axlar, in an interview with Coindesk.
The protocol, which has previously been integrated by the Kinexys platform of JP Morgan, the Microsoft Azure market, as well as Uniswap and Metamk, also announced the appointment of the former legal director of Coinbase and the interim control of the Brian Brooks currency to its newly formed Institutional Advisory Board.
“Brian comes with a fairly deep understanding of how he ensures that Blockchain is adopted by traditional finances,” Gorbunov said. “Understand the pain points that these assets of assets have and believe that decentralized interoperability is very essential not to introduce all those problems in the process.”
According to Gurbunov, stable and token are ready to be the next important trends for cryptography institutions, driven by regulatory developments and efficiency gains. A Stablcoin bill that is expected in the coming months could open the door for more financial institutions to emit and integrate Stablecoins, with companies such as Paypal, Blackrock and Robinhood already exploring its use for the agreement to reduce costs.
AXL currently lies at $ 0.36 and is at a market capitalization of $ 340 million, according to Coindesk data. The Token reached a historical maximum in March 2024 to $ 2.69, but since then it has fallen.
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