In a stunning flip of occasions, Brazilian Securities and Exchange Commission (CVM) permitted the nation’s first spot XRP exchange-traded fund (ETF). Reportedly, the SEC approved the XRP ETF utility submitted by asset supervisor Hashdex, paving the way in which to launch the primary XRP ETF in Brazil.
In addition, the US SEC has acknowledged a fourth XRP ETF utility, sparking optimism within the crypto area. Following Grayscale, 21Shares, and Bitwise, the US SEC acknowledged CoinShares’s XRP ETF utility.
Brazilian Watchdog Approves Hashdex’s XRP ETF
According to a current report launched by native media Portal do Bitcoin, Brazilian Securities Commission (CVM) permitted Hashdex’s spot XRP ETF utility. This achievement represents a significant breakthrough for Hashdex and Brazil, with the nation’s first-ever XRP ETF receiving approval.
Though Hashdex has confirmed the CVM’s XRP ETF approval, the asset supervisor hasn’t unveiled the product’s official launch date. However, the platform asserted that the important thing updates can be launched quickly.
Brazil’s Visionary Approach to XRP and Crypto
Brazil is without doubt one of the main world powers to embrace the crypto business. Recognizing the business’s potential, Brazil has taken the initiative to foster its development. Reportedly, Brazil’s cryptocurrency market noticed transactions totaling almost $90.3 billion between July 2023 and June 2024, cementing its standing as Latin America’s second-largest market.
“XRP is a natural choice for an ETF due to its real-world utility, growing institutional demand, and overall market cap,” stated Silvio Pegado, Ripple’s managing director for Latin America. Pegado added,
Following the approval of one of many first Bitcoin ETFs in 2021, the approval of the primary XRP ETF by the CVM demonstrates Brazil’s visionary method to crypto markets and monetary developments…Brazil continues to place itself as a rustic open to innovation, and we count on it to be central to extra pioneering advances within the crypto sector sooner or later.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of expertise in blockchain, web3, and fintech spheres. She has established herself as a educated and interesting voice within the cryptocurrency and blockchain area. Her expertise as an Assistant Professor in English Language and Literature has additional added to her quest for crafting informative, well-researched, and accessible content material.
Disclaimer: The introduced content material might embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty on your private monetary loss.
