Brazil Regulatory Authority Approves First-Ever Spot XRP ETF

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TLDR

Brazil becomes first country to approve spot XRP ETF, managed by Hashdex and set to trade on B3 exchange Fund is in pre-operational phase with no specified start date, administered by Genial Investmentos Multiple firms including Bitwise, 21Shares, CoinShares, and Grayscale have filed for US spot XRP ETFs Brazil leads Latin America in crypto adoption with multiple Bitcoin ETFs and bank-offered digital asset exposure JP Morgan estimates potential $3-6 billion investment in spot XRP ETFs

Brazil has become the first country worldwide to approve a spot XRP exchange-traded fund (ETF), marking a new chapter in cryptocurrency investment products. The country’s financial investments regulator, the Comissão de Valores Mobiliários (CVM), has given the green light to the Hashdex Nasdaq XRP Index Fund.

The approved fund, officially named HASHDEX NASDAQ XRP FUNDO DE ÍNDICE, entered its pre-operational phase on December 10, 2024. Genial Investmentos, a local investment brokerage firm, will serve as the fund’s administrator. While the exact launch date remains unspecified, the fund will trade on Brazil’s B3 exchange.

Hashdex, the crypto asset manager behind the fund, confirmed the approval to Portal do Bitcoin, a local news outlet. The company has stated it will release additional information about the trading schedule in the coming days.

The development comes as the global financial market sees increased interest in cryptocurrency-based investment products. XRP, currently the third-largest digital asset with a market capitalization of $158 billion, has drawn attention from major investment firms worldwide.

In the United States, several companies have submitted applications for spot XRP ETFs. These include well-known names in the asset management industry such as Bitwise Asset Management, 21Shares, CoinShares, and Grayscale.

Brazil’s position as Latin America’s largest economy has helped establish it as a hub for cryptocurrency innovation. The country leads the region in Bitcoin ETF offerings, and many of its major banking institutions provide their customers with various forms of digital asset exposure.

The creation of XRP stems from Ripple, a fintech company focused on improving cross-border payment systems. The cryptocurrency aims to facilitate faster and more efficient international money transfers.

Market Impact Financial experts at J.P. Morgan have projected that spot XRP ETFs could attract between $3 billion and $6 billion in investments. This forecast follows the success of other cryptocurrency ETFs, with spot Bitcoin funds receiving more than $40 billion in net inflows since their January 2024 launch.

Ethereum-based ETFs have also shown strong performance, accumulating more than $4.5 billion in net flows since beginning operations in July 2024.

While Hashdex does not currently operate a spot Bitcoin ETF in the United States, the company received SEC approval in December for a product that provides investors exposure to both Bitcoin and Ethereum.

The Brazilian market has proven receptive to cryptocurrency investment products, with the B3 exchange hosting multiple digital asset-based funds. This new XRP ETF adds to the country’s growing portfolio of cryptocurrency investment options.

The CVM’s approval process included a review of the fund’s structure and compliance with local regulations. The pre-operational phase allows Hashdex to complete necessary preparations before public trading begins.

Global market observers are watching Brazil’s XRP ETF launch closely, as it may influence regulatory decisions in other jurisdictions, particularly in the United States where multiple applications await SEC review.

The Securities and Exchange Commission continues to evaluate various spot XRP ETF proposals, with recent acknowledgments of CoinShares’ applications for both XRP and Litecoin funds.

Trading specifics, including fees and minimum investment requirements for the Hashdex XRP ETF, have not yet been disclosed. The company is expected to release these details as the fund approaches its official launch date.

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