PANews reported on March 6 that Canary Capital, an investment company focused on digital assets founded by former Valkyrie Funds co-founder Steven McClurg, is planning to launch an ETF that tracks the price of Axelar (AXL). The company submitted an S-1 filing to the U.S. Securities and Exchange Commission (SEC) on Wednesday, initiating the process of launching such a fund. The hedge fund has previously submitted documents for several other ETFs. Some of them have been confirmed by the SEC and are awaiting approval.

Axelar is a cross-chain protocol that connects blockchains and has been integrated by major players such as JPMorgan Chase, Microsoft, Uniswap and MetaMask, and former Coinbase legal director Brian Brooks has joined Axelar’s new institutional advisory board.