Canary Capital Submits Filing for ETF Tracking Axelar Token AXL
Canary Capital, an investment firm led by Steven McClurg, plans to launch an ETF tracking the price of Axelar (AXL). The firm has submitted an S-1 filing with the SEC, initiating the ETF process.
- Canary Capital has previously filed paperwork for multiple ETFs, some awaiting approval.
- McClurg stated that AXL is expected to become a top 20 token by market capitalization due to its development team and protocol viability.
- AXL serves as the native token for the Axelar Network, facilitating cross-chain transactions via a proof-of-stake consensus model.
- The Axelar protocol has been integrated by firms like J.P. Morgan, Microsoft, Uniswap, and MetaMask.
- Brian Brooks, former Coinbase chief legal officer, joins Axelar's Institutional Advisory Board to enhance blockchain adoption in traditional finance.
- Future trends in crypto may include stablecoins and tokenization, influenced by regulatory changes and efficiency improvements.
- AXL currently trades at $0.36 with a market cap of $340 million; it peaked at $2.69 in March 2024.