Hashdex Secures Approval To Launch First XRP ETF In Brazil

The Brazilian Securities and Exchange Commission (CVM) approved the country’s first spot XRP exchange-traded fund (ETF). Reportedly, the SEC authorized the ETF application submitted by asset manager Hashdex, paving the way to launch the first XRP fund in Brazil.

In addition, the US SEC has acknowledged a fourth XRP ETF application, sparking optimism in the crypto space. Following Grayscale, 21Shares, and Bitwise, the US SEC acknowledged CoinShares’s Ripple ETF application.

Brazil Approves Hashdex’s XRP ETF

According to a recent report released by local media Portal do Bitcoin, Brazilian Securities Commission (CVM) approved Hashdex’s spot XRP ETF application. This achievement represents a major breakthrough for Hashdex and Brazil, with the country’s first-ever Ripple ETF receiving approval.

Though Hashdex has confirmed the CVM’s ETF approval, the asset manager hasn’t unveiled the product’s official launch date. However, the platform asserted that the key updates would be released soon.

Brazil’s Visionary Approach to XRP and Crypto

Brazil is one of the leading global powers to embrace the crypto industry. Recognizing the industry’s potential, Brazil has taken the initiative to foster its growth. Reportedly, Brazil’s cryptocurrency market saw transactions totaling nearly $90.3 billion between July 2023 and June 2024, cementing its status as Latin America’s second-largest market.

“XRP is a natural choice for an ETF due to its real-world utility, growing institutional demand, and overall market cap,” said Silvio Pegado, Ripple’s managing director for Latin America. Pegado added,

Following the approval of one of the first Bitcoin ETFs in 2021, the approval of the first XRP ETF by the CVM demonstrates Brazil’s visionary approach to crypto markets and financial advancements…Brazil continues to position itself as a country open to innovation, and we expect it to be central to more pioneering advances in the crypto sector in the future.

US SEC Acknowledges CoinShares’ XRP ETF

Meanwhile, the US Securities and Exchange Commission (SEC) acknowledged Nasdaq’s filing for CoinShares’ XRP ETF. As this move opens a 21-day public comment period, the regulator will evaluate the possibilities of approving the ETF.

This acknowledgement represents the US SEC’s fourth XRP ETF application, joining those of Grayscale, 21Shares, and Bitwise. The SEC acknowledged Bitwise’s ETF application yesterday, fueling expectations of a potential approval.

Regulatory Move Sparks XRP Price Surge

Following Brazil’s Ripple fund approval, the XRP price saw a significant surge of 5.9% over the last 24 hours. Currently trading at $2.64, XRP has seen a notable uptick of 11% in a week despite a monthly dip of 19%.

XRP currently boasts a market capitalization of $152.96 billion, securing its position as the 3rd largest cryptocurrency on CoinMarketCap. The recent XRP ETF developments have had a profoundly positive impact on investor sentiment. Notably, XRP’s trading volume has surged by 3% to reach $4.97 billion, underscoring the growing investor interest.

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Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.