Hashdex XRP ETF Approval Brazil
Hashdex XRP ETF Approval
In a groundbreaking move, Hashdex has received approval from the Brazilian Securities and Exchange Commission to launch the world's first XRP spot ETF.
Currently in its pre-launch phase, the HASHDEX NASDAQ XRP INDEX FUND is set to debut on Brazil’s B3 stock exchange, though the exact listing date has yet to be revealed. Managed by Genial Investimentos, further details are still pending, according to Portal do Bitcoin.
Brazil Takes the Lead This approval positions Brazil at the forefront of digital asset investment, providing regulated access to XRP, the native token of Ripple. In contrast, companies in the United States, such as Rex-Osprey, Canary, and 21Shares, are still awaiting regulatory approval for their own XRP ETFs. Analysts speculate that changes at the SEC under the Trump administration could improve the prospects for approval, with U.S. XRP ETFs potentially attracting $3 billion to $6 billion in investments.
Ripple’s Latin America Chief Applauds the Move Silvio Pegado, Ripple’s General Manager for Latin America, commended the approval, emphasizing XRP’s strong market demand and institutional interest. He pointed out that XRP’s utility and market size make it an ideal candidate for ETFs and praised Brazil’s regulators for their forward-thinking approach.
Brazil’s Crypto Market Soars Brazil’s support for crypto ETFs further strengthens its position as a leader in the regulated digital asset sector. Recently, Brazil’s central bank chief, Gabriel GalÃpolo, highlighted the country’s rapid rise in crypto adoption over the last two to three years, with stablecoins accounting for nearly 90% of transactions.
With $90.3 billion in crypto transactions recorded between July 2023 and June 2024, Brazil now ranks as Latin America’s second-largest crypto market. As the nation continues to embrace digital assets, it is solidifying its role as a key player in the global crypto landscape.
The introduction of the first XRP spot ETF marks a significant milestone and signals what’s to come for the global crypto markets.
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