Brazil’s Securities and Exchange Commission (CVM) has given the green light to Hashdex to launch the world’s first XRP spot Exchange-Traded Fund (ETF) named the HASHDEX NASDAQ XRP INDEX FUND.
According to reports from Portal do Bitcoin, the CVM has approved the listing of the XRP ETF on the B3 stock exchange, Brazil’s leading securities, commodities, and futures exchange.
According to Portal do Bitcoin, the exact date for when the ETF will become operational remains undisclosed.
The ETF is reportedly in the “pre-operational phase,” with Genial Investmentos appointed as the fund’s administrator.
The growing list of XRP ETF applications
Hashdex, whose crypto index ETF was approved by the US SEC back in December 2024, applied for this XRP spot ETF in Brazil just before the end of last year.
Notably, the XRP ETF approval in Brazil comes at a time when numerous other issuers in the US, including Grayscale, WisdomTree, Rex-Osprey, Canary Capital, and 21Shares, are still awaiting potential nods from the US SEC for similar proposals.
Additionally, the US SEC has acknowledged the Cboe filing for a Bitwise XRP ETF, indicating ongoing interest and regulatory considerations for XRP-based financial products in the world’s largest economy.
Brazil’s move could potentially influence these ongoing deliberations in the US by demonstrating regulatory acceptance and market readiness for such products.
Silvio Pegado, Ripple’s managing director for Latin America, commented on the significance of this approval, pointing out the growing demand and utility of XRP among institutional investors.
“It’s about time the first spot XRP ETF hit the market,” Pegado stated, emphasizing XRP’s real-world applications and its potential to integrate further into traditional finance structures.
XRP price rises on the ETF approval
The market has reacted positively to this news, with XRP price soaring by over 6% to an intraday high of $2.67, making it the top gainer among the top 10 cryptocurrencies by market capitalization, with a weekly gain of 10%.
This market response underscores investor confidence in XRP’s potential, bolstered by this regulatory milestone.
XRP’s price has been on a strong bullish trend since November 5, 2024, rising by over 434% partly because of the optimism around the reelection of Donald Trump as the 47th president of the US.
XRP price chart by TradingView
Donald Trump’s pro-crypto appointments, including the appointment of Bo Hines as the Executive Director of the President’s Council of Advisers on Digital Assets, have created hope that Ripple Labs could win the case against the SEC.
Notably, the approval of the HASHDEX NASDAQ XRP INDEX FUND not only validates XRP’s place in the investment world but also signifies Brazil’s progressive approach to cryptocurrency regulation.
As the ETF moves towards its operational phase, all eyes will be on how it performs and whether it paves the way for similar financial products globally.
The post Brazil’s Securities and Exchange Commission (CVM) approves XRP spot ETF by Hashdex appeared first on Invezz
