Canary Capital, the investment company focused on digital assets founded by the former co-founder of Valkyrie Funds, Steven McClurg, plans to launch a Stock Exchange (ETF) fund according to the Axular Prix (AXL).
The company submitted an S-1 file on Wednesday to the Securities and Exchange Commission (SEC), launching the process to launch such a fund. The Hedge Fund previously filed documents for several other ETFs. Some of them have already been recognized by the Commission and await approval.
“Axlar has one of the best blockchain development teams. Most viable protocols work with them on the interoperability of the channels,” said Steven McClurg, CEO of Canary Capital. “There is no doubt that OXL will be a top 20 of market capitalization because the market discovers them. This is why we have taken the risk.”
AXL is the native token of the Alexar network, a transverse protocol which connects other blockchains, allowing decentralized and secure interfers transactions. Unlike many interoperability solutions that are based on a small set of validators, Axlar operates on a model of evidence of evidence, allowing anyone to participate in its network, said Sergey Gorbunov, co-founder of Axular, in an interview with Coindesk.
The protocol, which has already been integrated by the Kinexys platform of JP Morgan, the Azure market of Microsoft as well as Uniswap and Metamask, also announced the appointment of the former legal chief of Coinbase and the actor controller of the currency of Brian Brooks to his newly formed institutional advice.
“Brian comes with a fairly deep understanding of how you make sure that the blockchain is adopted by traditional finance,” said Gorbunov. “He understands what pain points to these asset transmitters and he thinks that decentralized interoperability is very essential not to introduce all these problems in the process.”
According to Gurbunov, stablecoins and tokenization are about to be the next major trends for crypto institutions, motivated by regulatory developments and efficiency gains. A bill on the differences planned in the coming months could open the door to more financial institutions to issue and integrate Stablecoins, companies like Paypal, Blackrock and Robinhood already exploring their use for regulations in order to reduce costs.
AXL is currently negotiated at $ 0.36 and is a market capitalization of $ 340 million, according to Coindesk data. The token reached a summit of all time in March 2024 at $ 2.69 but has since dropped.
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