Hashdex receives approval to launch XRP spot ETF in Brazil

Hashdex has reportedly received regulatory greenlight to launch what would be the world’s first XRP spot exchange-traded fund.

According to crypto news platform Portal do Bitcoin, Brazil’s Securities and Exchange Commission has approved the HASHDEX NASDAQ XRP INDEX FUND for listing in Brazil. The CVM approved the XRP (XRP) spot ETF for listing on the B3 stock exchange, the report stated. 

However, the exact date of the listing isn’t clear.Currently, the ETF is at “the pre-operational phase”, with Genial Investmentos as the funds administrator.

Hashdex, whose crypto index ETF received a nod from the U.S. Securities and Exchange Commission on December 19, 2024, applied for the XRP spot ETF in Brazil on Dec. 10..

The approval for an XRP spot ETF in Brazil comes as multiple issuers in the U.S. await potential nods from the SEC. These include proposals by Grayscale, WisdomTree, Rex-Osprey, Canary Capital and 21Shares. SEC recently acknowledged the Cboe filing for the Bitwise XRP ETF. 

While these proposals await the SEC’s final approval, Hashdex’s XRP ETF could soon go live on the B3 stock exchange. 

According to Silvio Pegado, Ripple’s managing director of Latin America, its about time the first spot XRP ETF hit the market. The Ripple exec pointed to the cryptocurrency’s real-world utility and rising demand across institutional investors as key factors.

XRP price hovered around $2.65 at the time of writing, 5% up in the past 24 hours as the market reacted to the news. The altcoin was the top gainer among the 10 largest cryptocurrencies by market cap at the time, with weekly gains at 10%.