Breaking: Canary Capital’s Bold Move into Cross-Chain Innovation
In a groundbreaking development for the cryptocurrency market, Canary Capital has officially filed for an ETF tracking Axelar (AXL), marking a significant milestone in bringing cross-chain infrastructure to traditional finance. This strategic move comes as the ETF landscape continues to evolve, with innovative products capturing institutional interest.
The Power Play Behind Axelar’s ETF Filing
Steven McClurg, CEO of Canary Capital and former Valkyrie Funds co-founder, has positioned this ETF filing as a calculated bet on the future of blockchain interoperability. The S-1 filing submitted to the SEC represents a bold step into the cross-chain protocol space, with McClurg stating, “There is no question that AXL will be a top 20 token by market capitalization as the market discovers them.”
Strategic Integration and Institutional Adoption
Axelar’s impressive portfolio of partnerships includes:
- J.P. Morgan’s Kinexys platform
- Microsoft’s Azure marketplace
- Uniswap
- MetaMask
The protocol’s recent appointment of Brian Brooks, former Coinbase CLO and Acting Comptroller of the Currency, to its Institutional Advisory Board signals a strong push toward mainstream adoption.
Market Impact and Technical Analysis
Current market metrics for AXL:
- Current Price: $0.36
- Market Cap: $340 million
- All-Time High: $2.69 (March 2024)
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Future Outlook and Market Implications
The convergence of traditional finance and cross-chain protocols through ETF products could catalyze significant institutional adoption. With stablecoins and tokenization emerging as key trends, Axelar’s infrastructure positions it uniquely in the evolving crypto landscape.
Source: CoinDesk