Canary Capital Launches ETF Proposal for Axelar (AXL) Coin

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Canary Capital, led by Steven McClurg, co-founder of Valkyrie Funds, has filed with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking Axelar (AXL), an altcoin that serves as the mainnet asset for a cross-blockchain protocol. Axelar facilitates inter-blockchain connectivity and has been integrated by major corporations including J.P. Morgan, Microsoft, Uniswap, and MetaMask. The project distinguishes itself by its focus on institutional compliance, with former Coinbase Chief Legal Officer Brian Brooks involved in its operations.

Axelar and Canary Capital’s ETF Filing

Canary Capital has submitted an S-1 filing to the SEC for an ETF aimed at tracking Axelar. This protocol enables secure and decentralized transfers across blockchains. Unlike many cross-blockchain solutions that rely on a limited number of validators, Axelar employs a proof-of-stake model that allows broad participation.

Steven McClurg, CEO of Canary Capital, emphasized that the Axelar team consists of some of the best developers in the blockchain space. He believes that as AXL gains market attention, it will enter the top 20 cryptocurrencies by market capitalization. The company, having previously filed for other ETFs, awaits SEC approval for this latest endeavor.

Following the news, AXL coin surged over 10%, reaching $0.45, with a market cap of $340 million. The coin recently attempted to recover from its all-time high of $2.69, achieved in March 2024.

Axelar’s Corporate Investment Moves

Axelar is making significant strides in corporate adoption. Key platforms such as J.P. Morgan’s Kinexys, Microsoft’s Azure Marketplace, Uniswap, and MetaMask have integrated Axelar. To attract institutional investors, Brian Brooks, former Chief Legal Officer of Coinbase, has joined Axelar’s newly formed Corporate Advisory Board.

According to Axelar co-founder Sergey Gorbunov, regulatory compliance is one of the main barriers to integrating traditional finance with blockchain. Brooks is expected to play a crucial role in this process. Gorbunov believes stablecoins and tokenization will play a significant role in the financial world moving forward, especially with an upcoming stablecoin law in the U.S. that could encourage major financial institutions to issue stablecoins. Companies like PayPal, BlackRock, and Robinhood plan to integrate stablecoins into their payment solutions.

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