Hassan Maishera
TL;DR
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Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), has approved the world’s first spot XRP exchange-traded fund (ETF).
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The HASHDEX NASDAQ XRP FUNDO DE ÍNDICE will grant investors exposure to the XRP coin.
Brazil Approves the Hashdex Nasdaq XRP Fund
Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), has approved the world’s first spot XRP exchange-traded fund (ETF).
According to the regulator’s website shows that the fund, the HASHDEX NASDAQ XRP FUNDO DE ÍNDICE, is currently in a pre-operational phase after launching on Dec. 10, 2024.
According to the regulator, the ETF’s administrator is Genial Investmentos, a local investment brokerage firm. Hashed confirmed to the local news outlet Portal do Bitcoin that the CVM has approved its spot XRP ETF application.
Hashed added that it is yet to set an official start date for the fund on Brazil’s B3 Exchange but will soon publish more information to its investors.
This latest development comes as more companies are filing for spot crypto ETFs in the United States and beyond. In the U.S., Bitwise, Canary Capital, 21Shares, CoinShares, and Grayscale have all filed for spot XRP ETF with the SEC. Purpose Investments, the Toronto-based asset management firm behind the world’s first spot Bitcoin ETF, announced three weeks ago that it is now seeking approval to launch a spot XRP ETF.
The Purpose Ripple ETF would offer investors a regulated way to gain exposure to XRP, the third-largest cryptocurrency by market capitalization.
The launch of these funds would allow investors to gain regulated exposure to XRP without going through crypto exchanges or dealing with other complicated aspects of crypto, like private keys.
