Ripple's Hidden Roots in Canada Surface Amid Tokenized Deposit Push
Ripple's connection to Canada runs deeper than many realize, according to recent findings by crypto researcher SMQKE. The company was first founded in Vancouver, Canada in 2004 as RipplePay by Ryan Fugger.
Fast forward to present day, Canada is emerging as a significant jurisdiction for XRP. Big Six banks - Royal Bank of Canada, Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, and National Bank of Canada - have announced a joint initiative to explore tokenized digital deposits network.
This development adds historical context to recent events in the space, including the approval of XRP ETFs by the Ontario Securities Commission. In June 2025, Purpose XRP ETF launched on the Toronto Stock Exchange under the ticker XRPP, followed by 3iQ XRP ETF under the ticker XRPQ.
The regulatory environment in Canada is favorable for XRP holders, allowing Canadians to hold these ETFs inside registered accounts, including TFSAs and RRSPs. This institutional groundwork in Canada is real and growing, making it a significant jurisdiction for XRP.