Ripple Was First Founded in Canada. Here’s What it Means for XRP Holders

Canada is emerging as a significant jurisdiction for XRP. Crypto researcher recently highlighted a detail that many XRP holders have overlooked. Ryan Fugger reportedly founded Ripple in Vancouver, Canada, in 2004 as RipplePay.

The company later changed hands several times before becoming the Ripple known today. The connection between Ripple and Canada runs deeper than most realize.

The Banks Making Headlines

Canada’s Big Six banks announced a joint initiative to explore a tokenized digital deposits network. The participants are Royal Bank of Canada, Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, and National Bank of Canada.

Canada’s bank regulator confirmed that tokenized deposits are permissible under existing banking legislation, describing them as “not legally distinct from traditional deposits.” The development connects to Ripple’s existing relationships with Canadian financial institutions.

Past documentation confirms RBC participated in the Global Payments Steering Group, a governance body built around Ripple technology. CIBC also has documented ties to RippleNet. The tokenized deposits initiative does not confirm Ripple as the chosen technology provider. However, the existing institutional relationships make Ripple a credible candidate in the conversation.

Canada Already Accepted XRP Institutionally

Canada’s regulatory posture toward XRP is already established. The Ontario Securities Commission approved the Purpose XRP ETF, which launched on the Toronto Stock Exchange in June 2025, under the ticker XRPP. The 3iQ XRP ETF launched a day earlier, under the ticker XRPQ. Both products launched before an equivalent spot XRP ETF was approved in the United States.

Canada became the first in North America to offer spot XRP ETFs to retail and institutional investors. Canadians can hold these ETFs inside registered accounts, including TFSAs and RRSPs. The U.S. followed later, with Canary Capital launching its spot XRP ETF in November 2025. Canada’s regulatory leadership on XRP is well documented.

The Significance for XRP

Canada’s position tells a clear story. The country where Ripple originated now hosts the continent’s first XRP ETFs. Its largest banks are exploring tokenized deposit infrastructure.

Its regulator has confirmed the legal standing of tokenized deposits. Each of these developments exists independently. Taken together, they show a jurisdiction that has moved from Ripple’s birthplace to one of its most active regulatory environments.

The observation about Ripple’s Canadian origins adds historical context to a series of recent developments that XRP holders are watching closely. The institutional groundwork in Canada is real and growing.