Important Development for XRP: Happening for the First Time in the World!

After being approved by the Brazilian securities regulator Comissão de Valores Mobiliários (CVM), the world's first spot XRP exchange-traded fund (ETF) is preparing to make history with its launch.

According to the regulator's website, the fund named HASHDEX NASDAQ XRP FUNDO DE ÍNDICE, established on December 10, 2024, is currently in the pre-operational stage. The fund is managed by a local investment brokerage firm, Genial Investimentos.

Hashdex, the fund manager, confirmed to local news source Portal do Bitcoin that CVM has approved the ETF. While an official transaction date on Brazil's B3 stock exchange has not been announced yet, Hashdex stated that more details will be disclosed soon.

The approval signifies an important step towards the adoption of XRP, as it allows investors to be exposed to the coin in a regulated manner without the need to use crypto exchanges or manage private keys. Analysts at JPMorgan suggest that such funds could attract billions of dollars into the market.

By the way, the Securities and Exchange Commission (SEC) in the United States has received multiple spot XRP ETF applications from major asset managers, including CoinShares, Bitwise, 21Shares, and Grayscale. The potential approval of such funds in the U.S. is expected to have a much greater impact on the market compared to Brazil's launch.