In a surprising turn of events, Brazilian Securities and Exchange Commission (CVM) approved the country’s first spot XRP exchange-traded fund (ETF). Reportedly, the SEC authorized the XRP ETF application submitted by asset manager Hashdex, paving the way to launch the first XRP ETF 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 XRP ETF application.
Brazilian Watchdog 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 XRP ETF receiving approval.
Though Hashdex has confirmed the CVM’s XRP 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.
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