(Bloomberg) — The race to launch an exchange-traded fund tracking XRP, the seventh-largest digital token, has begun.

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Canary Capital Group, a new digital asset-focused investment firm founded in September, submitted paperwork with the Securities and Exchange Commission Tuesday to launch the Canary XRP ETF. It comes just a week after Bitwise Asset Management Inc. became the first firm to file for an ETF tracking the token.

Canary, founded by former Valkyrie Funds co-founder Steven McClurg, said in a statement that it was encouraged by “signs of a more progressive regulatory environment coupled with growing demand from investors.”

The filings come after the much anticipated launch of ETFs that hold Bitcoin and…