Canary Capital, a digital asset-focused investment firm, plans to launch an exchange-traded fund (ETF) tracking the price of Axelar (AXL), a native token of the Axelar Network. The firm submitted an S-1 filing with the SEC to begin the process, and it has previously filed paperwork for other ETFs. The CEO of Canary Capital believes AXL will be a top 20 token by market capitalization. Axelar is a cross-chain protocol that enables decentralized cross-chain transactions and operates on a proof-of-stake consensus model. It has been integrated by platforms like J.P. Morgan and Microsoft. Former Coinbase chief legal officer Brian Brooks has joined Axelar's Institutional Advisory Board. Stablecoins and tokenization are expected to be major trends for institutions in crypto, driven by regulatory developments and efficiency gains. AXL is currently trading at $0.36 with a market cap of $340 million.



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