Brazil is set to launch the world’s first spot XRP exchange-traded fund (ETF) after Hashdex’s Nasdaq XRP Index Fund received regulatory approval. The country’s securities watchdog, Comissão de Valores Mobiliários (CVM), gave the green light on Feb. 19, paving the way for trading on Brazil’s B3 exchange.
However, Hashdex has yet to announce an official launch date. The asset manager operates various crypto ETFs in Brazil which include Bitcoin, Ethereum, Solana and funds dedicated to DeFi, Web3 and the metaverse.
According to a local report, “The administrator is the brokerage firm Genial Investimentos and there are still no documents attached with further details.”
The decision from the U.S. Securities and Exchange Commission (SEC) to accept spot XRP ETF applications from Nasdaq and Cboe BZX on behalf of CoinShares, Canary Capital, and WisdomTree occurred shortly before the approval.
The news caused XRP prices to increase by 8% which brought them to $2.72 while they remained 20% below their historical peak.
The Brazilian interbank market leader Braza Group introduced its new Brazilian real-pegged stablecoin on Ripple’s XRP Ledger. Braza Bank serves as the backing institution for the new stablecoin called BBRL which operates under its management.
The BBRL system will become available to the public in early 2025 but will first serve institutions until it expands to retail consumers. Braza Group CEO Marcelo Sacomori plans to have BBRL secure 30% of the Brazilian market share before the end of this year.
The Brazilian government shows increased crypto interest because its central bank examines blockchain technology and asset tokenization alongside plans to develop a central bank digital currency (CBDC).
Also Read: SEC Acknowledges Cboe BZX’s XRP ETF Filing for Canary Capital
