Brazil Approves World's First XRP Spot ETF

Hashdex, a Brazilian asset management firm, has received approval from the country's Securities and Exchange Commission (CVM) to launch the world's first XRP spot exchange-traded fund (ETF). The HASHDEX NASDAQ XRP INDEX FUND has been approved for listing on the B3 stock exchange, according to crypto news platform Portal do Bitcoin.

The exact launch date of the ETF is not yet clear, but it is currently in the pre-operational phase with Genial Investimentos acting as the fund's administrator. Hashdex previously received approval from the U.S. Securities and Exchange Commission (SEC) for its crypto index ETF on December 19, 2024, and applied for the XRP spot ETF in Brazil on December 10.

The approval of the XRP spot ETF in Brazil comes as multiple issuers in the U.S. await potential nods from the SEC for their own XRP ETF proposals. These include submissions by Grayscale, WisdomTree, Rex-Osprey, Canary Capital, and 21Shares. The SEC recently acknowledged the Cboe filing for the Bitwise XRP ETF, but no final approval has been granted yet.

Silvio Pegado, Ripple's managing director for Latin America, welcomed the news, stating that it was about time the first spot XRP ETF hit the market. He cited the cryptocurrency's real-world utility and rising demand among institutional investors as key factors driving the approval.

At the time of writing, the XRP price hovered around $2.65, up 5% in the past 24 hours. The altcoin was the top gainer among the 10 largest cryptocurrencies by market cap, with weekly gains of 10%.