Canary Capital Plans to Launch ETF Tracking Axelar (AXL), Boosting Investor Interest

Canary Capital, an investment firm founded by former Valkyrie co-founder Steven McClurg, has submitted an S-1 filing to the SEC to launch an exchange-traded fund (ETF) that tracks Axelar (AXL). AXL is the native token of the Axelar Network, a cross-chain protocol known for its focus on interoperability. McClurg believes Axelar has one of the leading development teams in blockchain and predicts that AXL will rise to be among the top 20 tokens by market capitalization. Furthermore, the protocol has garnered support from traditional finance entities like J.P. Morgan and Microsoft. Axelar has also formed an Institutional Advisory Board featuring Brian Brooks, former chief legal officer of Coinbase, further enhancing its credibility in the market. This news comes at a time when regulatory developments concerning stablecoins may drive greater institutional adoption in the crypto space.