Canary Capital, an investment management company, has announced the launch of the Canary AXL Trust, an institutional-grade fund tracking the performance of its native Axelar token, AXL. The investment product will bridge the gap between traditional finance and digital innovation by simplifying access to the crypto asset. Axelar Trust is Canary’s first investment product offering indirect access to the asset based on the blockchain interoperability category. Canary has selected Coinbase as the custodian for the Axelar Trust. The leading US exchange will securely store investor funds and facilitate transaction settlements for the trust.
Axelar’s technology has seen widespread adoption in the crypto space in the past year. Following strategic partnerships with high-profile blockchains, the solution facilitates Web3 connectivity between ecosystems such as the XRP Ledger (XRPL), Sui, Stellar, TON, Bitcoin, and Hedera. Growing popularity led to Axelar reaching a total value locked (TVL) of $1 billion earlier this year. The blockchain has also attracted institutional partnerships, including Deutsche Bank, Microsoft, and JP Morgan.
One of Axelar’s achievements was its partnership with Ripple to provide interoperability services for the XRPL Ledger. Last year, the blockchain solution partnered with the payments giant to act as a bridge between XRPL and the XRPL Ethereum Virtual Machine (EVM) sidechain. Ripple is building the XRPL EVM sidechain in collaboration with Peersyst, using evmOS to ensure interoperability with other chains and full customization in the Cosmos SDK. In particular, the implementation of the sidechain will expand the capabilities of XRPL in DeFi.
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