Canary Capital, under the leadership of Steven McClurg, has made a significant move by submitting a proposal to the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) centered around Axelar (AXL), a notable altcoin pivotal to cross-blockchain functioning. Axelar stands out for its integration with major corporations like J.P. Morgan and Microsoft, and it emphasizes rigorous institutional compliance, aided by former Coinbase Chief Legal Officer Brian Brooks.
What Does the ETF Filing Entail?
Canary Capital’s S-1 filing seeks to establish an ETF that tracks Axelar’s performance. This protocol is engineered for secure and decentralized blockchain transfers, diverging from traditional systems that depend on a handful of validators by employing a proof-of-stake approach for wider participation.
How Is Axelar Gaining Corporate Trust?
Axelar is witnessing remarkable adoption from corporate giants. Partnerships with platforms like J.P. Morgan’s Kinexys and Microsoft’s Azure Marketplace signal a growing trust in Axelar. To enhance its appeal to institutional players, Brian Brooks has joined the Corporate Advisory Board.
- Canary Capital anticipates AXL will rise to the top 20 cryptocurrencies.
- AXL’s value surged by over 10%, currently priced at $0.45.
- Regulatory compliance remains a challenge for blockchain’s integration into traditional finance.
- Major companies like PayPal and BlackRock are gearing up to adopt stablecoins.
The momentum surrounding the AXL coin could place it in a position of strength within the cryptocurrency landscape, particularly as regulatory frameworks evolve. The anticipated stablecoin law in the U.S. is expected to facilitate greater engagement of financial institutions with blockchain technology. This development could herald a new era for both Axelar and the broader financial sector.
