Canary Capital, a digital asset investment firm led by Steven McClurg, former co-founder of Valkyrie Funds, is making headlines with its recent plans to launch an exchange-traded fund (ETF) that aims to track the price of Axelar (AXL). The firm has formally submitted an S-1 filing to the Securities and Exchange Commission (SEC), igniting the regulatory process for this potential fund.
In a bold statement, McClurg expressed his confidence in Axelar, stating, “There is no question that AXL will be a top 20 token by market capitalization as the market discovers them. This is why we took the risk.” Such optimism highlights Canary Capital’s belief in the significant role that Axelar could play in the cryptocurrency landscape, particularly due to its innovative approach to cross-chain interoperability.
“Axelar has one of the best dev teams in blockchain. Most viable protocols work with them on chain interoperability,” said Steven McClurg.
AXL serves as the native token of the Axelar Network, a cross-chain protocol designed to facilitate secure decentralized transactions between different blockchains. What sets Axelar apart is its proof-of-stake consensus model, which welcomes wide participation, unlike many interoperability solutions that depend on a limited number of validators.
Recent advancements for Axelar are noteworthy; its technology has been integrated with major platforms such as J.P. Morgan’s Kinexys and Microsoft’s Azure marketplace, along with popular decentralized finance (DeFi) solutions like Uniswap and MetaMask. Additionally, Axelar has appointed Brian Brooks, the former chief legal officer at Coinbase, to its newly formed Institutional Advisory Board. “Brian comes with a pretty deep understanding of how do you actually make sure blockchain is adopted by traditional finance,” remarked Sergey Gorbunov, co-founder of Axelar.
Looking ahead, Gorbunov forecasts significant trends in stablecoins and tokenization for institutional adoption in the cryptocurrency space, spurred by forthcoming regulatory developments. A stablecoin bill anticipated in the coming months could pave the way for increased financial institution engagement, with companies like PayPal and BlackRock already exploring the integration of stablecoins to enhance settlement processes and reduce costs.
Currently, AXL is trading at approximately [openai_gpt model=”gpt-4o-mini” prompt=”You are a news reporter covering the cryptocurrency industry. Given the article description, provide an introductory overview of the news in an informative style. AVOID using overly technical terms or details! DO NOT offer recomendations to buy or sell any assets! Analyze from a fact-based perspective and bring in additional research when claims are made. Write this overview with creativity and flair, ensuring it reads like a human-written text and incorporates keywords in a natural way for SEO optimization. Generate HTML-formatted content using only
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tags. Exclude headings and other HTML tags. DO NOT include a ‘Conclusion’ section! Here is the product description: ‘Canary Capital, the digital asset-focused investment firm founded by former Valkyrie Funds co-founder Steven McClurg, is planning on launching an exchange-traded fund (ETF) tracking the price of Axelar (AXL).The firm submitted an S-1 filing with the Securities and Exchange Commission (SEC) on Wednesday, kicking off the process to launch such a fund. The hedge fund has previously filed paperwork for several other ETFs. Some of these have already been acknowledged by the Commission and await approval.”Axelar has one of the best dev teams in blockchain. Most viable protocols work with them on chain interoperability,” said Steven McClurg, Chief Executive Officer at Canary Capital. “There is no question that AXL will be a top 20 token by market capitalization as the market discovers them. This is why we took the risk.”
AXL is the native token of the Alexar Network, a cross-chain protocol that connects other blockchains, enabling decentralized, secure cross-chain transactions. Unlike many interoperability solutions that rely on a small set of validators, Axelar operates on a proof-of-stake consensus model, allowing anyone to participate in its network, Sergey Gorbunov, co-founder of Axelar, said in an interview with CoinDesk.The protocol, which has previously been integrated by J.P. Morgan’s Kinexys platform, Microsoft’s Azure marketplace as well as Uniswap and MetaMask, also announced the appointment of former Coinbase chief legal officer and Acting Comptroller of the Currency Brian Brooks to its newly formed Institutional Advisory Board.“Brian comes with a pretty deep understanding of how do you actually make sure blockchain is adopted by traditional finance,” said Gorbunov. “He understands what pain points these asset issuers have and he believes that decentralized interoperability is very essential to not introduce all of those issues in the process.”According to Gurbunov, stablecoins and tokenization are poised to be the next major trends for institutions in crypto, driven by regulatory developments and efficiency gains. A stablecoin bill expected in the coming months could open the door for more financial institutions to issue and integrate stablecoins, with firms like PayPal, BlackRock, and Robinhood already exploring their use for settlement to reduce costs.AXL currently trades at $0.36 and stands at a market cap of $340 million, according to CoinDesk data. The token reached an all-time high in March 2024 at $2.69 but has since dropped.Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.'”].36, with a market capitalization around 0 million, following a peak price of .69 reached in March 2024. The ongoing developments surrounding AXL and its ecosystem are ones to watch as the cryptocurrency market continues to evolve.
Canary Capital’s AXL ETF Launch and Its Implications
The digital asset-focused investment firm Canary Capital, led by Steven McClurg, is gearing up to launch an ETF centered on Axelar (AXL). Here are the key points regarding this development:
- ETF Submission:
Canary Capital filed an S-1 with the SEC to initiate the process for launching an AXL-tracking ETF.
- Background on Axelar:
AXL is the native token of the Axelar Network, which facilitates cross-chain interactions among various blockchains, improving decentralized transactions.
- Unique Consensus Model:
The Axelar Network utilizes a proof-of-stake consensus model, enabling broader participation in its validation process compared to other interoperability solutions.
- Strategic Partnerships:
Axelar has been integrated by major platforms including J.P. Morgan’s Kinexys, Microsoft’s Azure, as well as being part of applications like Uniswap and MetaMask.
- Institutional Advisory Board:
Brian Brooks, former Coinbase chief legal officer, has joined Axelar’s advisory board to drive blockchain adoption in traditional finance.
- Market Trends:
Gurbunov indicated that regulations and efficiency improvements could lead to a surge of interest in stablecoins and tokenization among institutions.
- Current Market Position of AXL:
As of now, AXL trades at [openai_gpt model=”gpt-4o-mini” prompt=”Based on the article content, generate a list of key points in an HTML format using Bold, UL/OL. Focus solely on the most important aspects, and describe how they might be related or impact the readers life if at all. Begin with a title using
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tags. DO NOT include a ‘Conclusion’ section! Here is the topic description: ‘Canary Capital, the digital asset-focused investment firm founded by former Valkyrie Funds co-founder Steven McClurg, is planning on launching an exchange-traded fund (ETF) tracking the price of Axelar (AXL).The firm submitted an S-1 filing with the Securities and Exchange Commission (SEC) on Wednesday, kicking off the process to launch such a fund. The hedge fund has previously filed paperwork for several other ETFs. Some of these have already been acknowledged by the Commission and await approval.”Axelar has one of the best dev teams in blockchain. Most viable protocols work with them on chain interoperability,” said Steven McClurg, Chief Executive Officer at Canary Capital. “There is no question that AXL will be a top 20 token by market capitalization as the market discovers them. This is why we took the risk.”
AXL is the native token of the Alexar Network, a cross-chain protocol that connects other blockchains, enabling decentralized, secure cross-chain transactions. Unlike many interoperability solutions that rely on a small set of validators, Axelar operates on a proof-of-stake consensus model, allowing anyone to participate in its network, Sergey Gorbunov, co-founder of Axelar, said in an interview with CoinDesk.The protocol, which has previously been integrated by J.P. Morgan’s Kinexys platform, Microsoft’s Azure marketplace as well as Uniswap and MetaMask, also announced the appointment of former Coinbase chief legal officer and Acting Comptroller of the Currency Brian Brooks to its newly formed Institutional Advisory Board.“Brian comes with a pretty deep understanding of how do you actually make sure blockchain is adopted by traditional finance,” said Gorbunov. “He understands what pain points these asset issuers have and he believes that decentralized interoperability is very essential to not introduce all of those issues in the process.”According to Gurbunov, stablecoins and tokenization are poised to be the next major trends for institutions in crypto, driven by regulatory developments and efficiency gains. A stablecoin bill expected in the coming months could open the door for more financial institutions to issue and integrate stablecoins, with firms like PayPal, BlackRock, and Robinhood already exploring their use for settlement to reduce costs.AXL currently trades at $0.36 and stands at a market cap of $340 million, according to CoinDesk data. The token reached an all-time high in March 2024 at $2.69 but has since dropped.Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.'”].36 with a market cap of 0 million, following a recorded high of .69 in March 2024.- Potential for Growth:
McClurg anticipates AXL reaching the top 20 tokens by market cap, suggesting significant growth potential for investors.
“Decentralized interoperability is essential to avoid issues in traditional finance,” said Sergey Gorbunov.
Canary Capital’s AXL ETF: A Game Changer for Cross-Chain Solutions?
Canary Capital, the pioneering investment firm steering towards a digital asset revolution, is making waves with its ambitious plan to launch an exchange-traded fund (ETF) dedicated to Axelar (AXL). This venture comes at a time when the demand for interoperability solutions in the blockchain space is surging, marking a crucial moment for both institutional investors and crypto enthusiasts alike. The strategic choice of Axelar’s technology, which excels in cross-chain transactions, presents a compelling case for the firm’s proposition.
In a landscape where many digital assets struggle for regulatory approval and market traction, Canary Capital finds itself at a competitive advantage thanks to its prior experience and the pedigree of its leadership. Steven McClurg’s background as a co-founder of Valkyrie Funds lends a level of trust and recognition that might sway skeptical investors. By positioning AXL as a future top contender in market capitalization, the firm is betting on the growing importance of decentralized interoperability. This could potentially attract institutional players looking for reliable methods of integrating blockchain into traditional finance.
However, entering the ETF arena is not without its challenges. The SEC’s cautious stance towards new financial products may delay or complicate approval processes, as has been seen with various other ETF filings. Competing firms that focus on different assets may see this as an opportunity to capture investor interest and funds that could otherwise gravitate towards AXL. Furthermore, while Axelar’s team is praised for its top-tier talent, any technical shortcomings or vulnerabilities could easily tarnish the reputation of both the token and the ETF in the eyes of investors.
The potential for AXL to thrive could be beneficial for various stakeholders, including institutions exploring blockchain adoption, retail investors aiming for diversified crypto portfolios, and even other blockchain projects needing cross-chain functionalities. Nevertheless, if the ETF faces regulatory hurdles or lacks market momentum, it could spell trouble for Canary Capital, undermining investor confidence and stalling broader acceptance of Axelar’s innovative solutions.
In the dynamic world of digital assets, Canary Capital’s move exemplifies the urgent need for solutions that bridge gaps between disparate blockchain ecosystems. All eyes will be on AXL and its ETF prospect, as it could redefine the investment landscape for cross-chain technologies—if it can navigate the intricacies of market demands and regulatory scrutiny effectively.
