Brazil Approves World's First $XRP Spot ETF

Brazil's securities regulator, Comissão de Valores Mobiliários (CVM), has made a significant move by approving the world's first $XRP spot exchange-traded fund (ETF), known as the 'Hashdex NASDAQ XRP Index Fund.' This approval is a major win for Ripple ($XRP) and a significant step in the company's global expansion, which already includes partnerships with central banks.

The crypto market has reacted positively to this development, with $XRP's price increasing in the past 48 hours. The approval of the $XRP ETF is also expected to boost the exposure of other ETFs in Brazil, including Solana ($SOL) and related projects like Solaxy ($SOLX).

The CVM announced the approval of the $XRP spot ETF on February 18, 2025. The fund, established on December 10, 2024, will be traded on B3, Brazil's main stock exchange. Genial Investimentos will serve as the fund's administrator, allowing investors to gain direct exposure to $XRP without owning the tokens themselves or using crypto wallets.

The approval of the first $XRP spot ETF is a major victory for Ripple and other cryptocurrencies. The company has already partnered with 10 central banks to develop Central Bank Digital Currencies. The CVM's approval could also accelerate the confirmation of other $XRP ETFs currently under review in the US, such as Rex-Osprey $XRP ETF, Canary $XRP ETF, and 21Shares Core $XRP Trust. A more crypto-friendly US government will increase the possibility of these approvals.

The $XRP ETF approval has positively impacted the token's price, with XRP currently trading at $2.69 after reaching a low of $2.12 on February 3, 2025.

The $XRP spot ETF is one of several crypto ETFs in Brazil. Solana has two such funds, one offered by Brazilian asset manager QR Asset and the other under Hashdex, which also manages $XRP, $BTC, and $ETH funds. Both $SOL ETFs were approved in August 2024, with QR Asset's spot ETF raising $2.75M during its