The first exchange-traded fund based on the popular cryptocurrency XRP is about to be launched in Brazil.
According to the Comissão de Valores Mobiliários (CVM), which is basically the equivalent of the Securities and Exchange Commission in the Latin American country, Hashdex, a well-known asset management firm specializing in crypto investments, has received approval to launch the world's first XRP spot ETF in Brazil.
The exact date of the product's listing on the Brazilian Stock Exchange (B3) has not yet been determined.
Denys SerhiichukBrazil has over 200 million people, so it is a huge market for crypto investment products. If an XRP ETF is introduced, it could give institutional and retail investors an easy and regulated way to invest in the asset without having to deal with the technicalities of private wallets and direct ownership.
This could increase the adoption and liquidity of XRP in the country and make it more prevalent on global financial markets. Also consider the massive network of partner Ripple, the company closely associated with XRP that uses the cryptocurrency in its services, there.
Alex DovbnyaWhile other countries such as the U.S. are just preparing to think about launching XRP ETFs, and companies such as CoinShares and Bitwise are just getting their filings accepted for acknowledgment by the local SEC, Brazil is moving forward, and the prestige of the world's first ETF on XRP seems to be going to this country.
Dan Burgin
Vladislav Sopov