Brazil Set to Launch First Spot XRP Exchange-Traded Fund (ETF)
The cryptocurrency landscape is about to witness a significant development as Brazil prepares to launch its very first spot XRP exchange-traded fund (ETF). This landmark approval comes from the Comissão de Valores Mobiliários (CVM), Brazil’s securities regulator, marking a pivotal moment in the integration of digital assets into mainstream finance.
According to the regulator’s official website, the fund known as HASHDEX NASDAQ XRP FUNDO DE ÍNDICE is currently in the pre-operational phase, having been established on December 10, 2024. The fund is administered by Genial Investmentos, a well-known local investment brokerage firm with a solid reputation in the financial market.
Confirmation from the fund manager, Hashed, was reported by the local news outlet Portal do Bitcoin, stating that the fund has received the green light from the CVM. Although there is no official start date for trading on Brazil’s B3 exchange, Hashed indicated that further details would be released soon, generating anticipation among potential investors.
In the United States, the Securities and Exchange Commission (SEC) is currently reviewing numerous applications for spot XRP ETFs from major players in the asset management industry, including CoinShares, Bitwise, 21Shares, and Grayscale. The approval and launch of these ETFs are expected to provide investors with a regulated avenue to gain exposure to XRP without the complexities of navigating crypto exchanges or managing private keys.
Analysts from JPMorgan have suggested that the introduction of these funds could funnel billions of dollars into the cryptocurrency sector, highlighting the growing interest and legitimacy of digital assets.
While the implications of a spot XRP ETF in Brazil are significant, it is anticipated that its impact may be overshadowed by similar funds launching in the United States. As the conversation around cryptocurrency continues to evolve, industry insiders remain eager to see how these developments unfold.
As of now, CoinDesk has reached out to Hashdex for additional comments but has not received a response by the time of this report.
