Canary Capital Launches Canary AXL Trust

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. This investment product aims to bridge the gap between traditional finance and digital innovation, simplifying access to the crypto asset.

The Axelar Trust is Canary’s first investment product that offers indirect access to the asset based on the blockchain interoperability category. Canary has chosen Coinbase as the custodian for the Axelar Trust, ensuring that investor funds are securely stored and transaction settlements are efficiently facilitated.

Axelar’s technology has experienced widespread adoption in the crypto space over the past year. Strategic partnerships with prominent blockchains have allowed Axelar to facilitate Web3 connectivity between ecosystems such as XRP Ledger (XRPL), Sui, Stellar, TON, Bitcoin, and Hedera. The growing popularity led to Axelar reaching a total value locked (TVL) of $1 billion earlier this year, attracting institutional partnerships with firms including Deutsche Bank, Microsoft, and JP Morgan.

A notable achievement for Axelar was its partnership with Ripple, providing interoperability services for the XRPL Ledger. Last year, this collaboration enabled Axelar to act as a bridge between XRPL and the XRPL Ethereum Virtual Machine (EVM) sidechain. Ripple is developing the XRPL EVM sidechain with Peersyst, utilizing evmOS to ensure interoperability and full customization within the Cosmos SDK. This implementation will notably enhance the XRPL’s capabilities in DeFi.

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