Hashdex Receives Approval for World’s First XRP Spot ETF in Brazil
The post Hashdex Receives Approval for World’s First XRP Spot ETF in Brazil appeared first on Coinpedia Fintech News
In a recent development, Hashdex has received approval from the Brazilian Securities and Exchange Commission to launch the world’s first XRP spot ETF.
The HASHDEX NASDAQ XRP INDEX FUND is in its pre-launch phase, marking an important milestone for both the cryptocurrency market and Brazil’s financial sector, according to Portal do Bitcoin. The listing date on the Brazilian stock exchange B3 is yet to be announced. The fund will be administered by Genial Investimentos, although further details are yet to be disclosed.
Brazil Leads the Way
The approval of a spot XRP ETF puts Brazil at the forefront of digital asset investments, allowing regulated access to XRP, the native token of Ripple. On the other side, XRP ETF proposals in the U.S., from firms like Rex-Osprey, Canary, and 21Shares, are still awaiting regulatory approval. Analysts think that the ongoing changes at the SEC under the Trump administration might boost the chances of approval, with estimates suggesting that U.S. XRP ETFs could potentially draw $3 billion to $6 billion in investments.
Silvio Pegado, Ripple’s General Manager for Latin America, stated that XRP is well-suited for ETFs due to its utility, rising institutional demand, and market cap and praised the Brazil Securities Commission for its forward-thinking approval of the first XRP spot ETF.
Brazil’s Emergence As A Global Leader
Brazil’s proactive stance on crypto ETFs highlights its increasing influence in the future of regulated digital asset investments. Besides, recently, Brazil’s central bank chief, Gabriel Galipolo, noted that cryptocurrency usage in the country has significantly increased over the past two to three years, with nearly 90% of the transactions being tied to stablecoins.
Brazil is emerging as a global leader in the cryptocurrency space, actively supporting the industry’s growth. With an estimated $90.3 billion in crypto transactions from July 2023 to June 2024, the country has solidified its position as Latin America’s second-largest crypto market.
