Breaking: Hashdex Wins Approval for World’s First XRP Spot ETF in Brazil

In a recent development, Hashdex has received approval from the Brazilian Securities and Exchange Commission to launch the world’s first XRP spot ETF. 

The HASHDEX NASDAQ XRP INDEX FUND is currently in its pre-launch phase, with the listing date on Brazil’s B3 stock exchange yet to be announced. According to Portal do Bitcoin, the fund will be managed by Genial Investimentos, though additional details are still pending.

Brazil Leads the Way

This approval puts Brazil ahead in digital asset investments, offering regulated access to XRP, the native token of Ripple. Meanwhile, in the United States, companies like Rex-Osprey, Canary, and 21Shares are still waiting for regulatory approval of their own XRP ETFs. Analysts believe that changes in the SEC under the Trump administration could improve the chances of approval, with estimates suggesting U.S. XRP ETFs could attract $3 billion to $6 billion in investments.

Ripple’s Latin America Chief Backs the Move

Silvio Pegado, Ripple’s General Manager for Latin America, praised the approval, highlighting XRP’s strong market demand and institutional interest. He noted that XRP is well-suited for ETFs due to its utility and market size, and commended Brazil’s regulators for their progressive approach.

Brazil’s Crypto Market is Booming

Brazil’s support for crypto ETFs reinforces its role as a leader in the regulated digital asset sector. Recently, Brazil’s central bank chief, Gabriel Galípolo, noted that crypto adoption has surged in the country over the past two to three years, with stablecoins making up nearly 90% of transactions.

With $90.3 billion in crypto transactions recorded between July 2023 and June 2024, Brazil is now Latin America’s second-largest crypto market. As the country continues to embrace digital assets, it is positioning itself as a key player in the global crypto space.

The launch of the first XRP spot ETF is a sign of what’s coming next for global crypto markets.