Brazil To Debut First Spot XRP ETF

Blockonome Gnome

Feb 19

Approved by CVM, pre-op phase underway

TLDR:

Brazil’s CVM has approved the first spot XRP ETF.

Fund named HASHDEX NASDAQ XRP FUNDO DE ÍNDICE is in pre-operational phase.

Administered by Genial Investmentos; launch date pending.

Could pave the way for broader institutional crypto exposure.

Brazil is poised to make history by introducing the world’s first spot XRP exchange-traded fund (ETF). Approved by the country's securities regulator, the Comissão de Valores Mobiliários (CVM), the HASHDEX NASDAQ XRP FUNDO DE ÍNDICE is now in a pre-operational phase, having been set up on December 10, 2024.

The fund, managed by Hashed and administered locally by Genial Investmentos, has not yet announced an official start date on Brazil’s B3 exchange. “We’re excited about this milestone as it brings regulated crypto exposure to a wider audience,” said a representative from Hashed in a recent interview with Portal do Bitcoin. “We are working on finalizing the operational details and will provide more information soon.”

This landmark approval is expected to open new investment avenues by allowing investors to gain exposure to XRP without the complexities of crypto exchanges or the risks of managing private keys. In the United States, several major asset managers—CoinShares, Bitwise, 21Shares, and Grayscale—have submitted applications for spot XRP ETFs, a move that, according to JPMorgan analysts, could potentially channel billions of dollars into the crypto market.

While the launch in Brazil is a significant first step, industry observers suggest that its impact might be dwarfed by a similar U.S. offering due to the larger market size and broader investor base in America. Nonetheless, the move represents a vital progression towards integrating digital assets into traditional financial markets and highlights Brazil’s innovative approach to cryptocurrency regulation.

As the HASHDEX NASDAQ XRP FUNDO DE ÍNDICE prepares for its debut, the crypto community and potential investors alike are watching closely. The fund's success could set a precedent, potentially influencing similar regulatory breakthroughs globally.

photo / Blockonome