Hashdex's cryptocurrency index ETF has now gone live, according to a Thursday report.
The product offers exposure to Ripple-linked XRP, Solana (SOL), Stellar (XLM), as well as Bitcoin (BTC) and Ethereum (ETH), the two leading cryptocurrencies.
This comes after Graysclale's GDLC was also launched last week.
Generic listing standard
The ETF has been greenlit under the U.S. Securities and Exchange Commission's new generic listing standard.
A "generic listing standard" is a rule that makes it possible for exchanges, such as the Nasdaq, to list ETFs automatically instead of going through several months of wrangling.
It is supposed to be a game-changer for crypto, given that such products tend to face long reviews and delays.
As reported by U.Today, the new standard covers a slew of various cryptocurrencies that have CFTC-certified futures.
A certain asset should also trade on a market that is part of the Intermarket Surveillance Group (ISG) in order to ensure proper surveillance.
Most importantly, a specific ETH should have at least 40% of an asset that already has an available ETF. Hence, "combo" ETFs that also contain more arcane altcoins can qualify for a debut without going through a formal approval process.
Wave of new ETF approvals
According to a recent report by Reuters, the U.S. market is on track to be flooded by cryptocurrency-related ETFs.
The report says that the list of ETFs that will be approved in the near future includes spot-based Solana (SOL) and XRP ETFs.
This wave of ETF approvals is highly expected to kickstart another cryptocurrency rally.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team