The world’s first SPOT XRP Exchange-Traded Fund (ETF) is set to debut soon in Brazil after being approved by the country’s securities regulator, Comissão de Valores Mobiliários.
The regulator’s website shows that the fund, Hashdex Nasdaq XRP Fundo de índice, is currently in a pre -operative phase after being created on December 10, 2024.
The fund’s administrator Hashed has confirmed to the local news output portal do Bitcoin that the fund is approved by CVM. Although it does not have an official date to start trading with Brasil’s B3 exchange, Hashed said it will soon release more information.
In the United States, Securities and Exchange Commission has received several numerous XRP ETF applications from major asset managers, including Coinhares, Bitwise, 21Shares and Grayscale.
The launch of these funds, allowing investors to regulate exposure to the underlying asset without undergoing crypto exchanges or handling private keys, can draw billions to the space according to JPMorgan analysts.
The impact of a spot XRP ETF in Brazil is likely to have probably dwared at the launch of a similar fund in the United States.
Coindesk reached out to Hashdex, but has not heard back at press time.
