Brazil has made history when it comes to cryptocurrencies. Hashdex, one of the largest crypto asset management firms, has gained approval from the Securities and Exchange Commission of Brazil (CVM) for the launch of the world’s very first XRP spot exchange-traded fund (ETF).
This financial asset is called HASHDEX NASDAQ XRP INDEX FUND. It will be listed on the country’s largest exchange by market capitalization, the B3 exchange.
Hashdex’s spot ETF approval is the highlight for regulated investments in cryptocurrencies. Genial Investimentos established and administered the fund on December 10, 2024. It provides direct exposure to XRP without relying on private keys or exchanges.
Meanwhile, the launch date is unknown as it is currently in its “pre-operational phase”; however, the venture reflects the country’s proactive attitude towards cryptocurrencies.
Brazil Leads the Way While the U.S. Lags on XRP ETF Approvals
Hashdex’s application for the spot ETF for the country followed its approval from the U.S. SEC for the crypto index ETF, leaving the U.S. behind when it comes to access to XRP for investment.
In the U.S., applications by Grayscale and WisdomTree are being considered. The ETF is expected to increase XRP liquidity and adoption, offering investors a regulated alternative.
Ripple’s Latin America Managing Director, Silvio Pegado, welcomed Hashdex’s XRP ETF’s approval, noting that it coincides with increased institutional demand for the asset.
“XRP is a natural choice for an ETF due to its real-world utility, growing institutional demand, and its overall market cap,” he maintained.
Pegado underlined the token’s utility for the real world and its growing presence in the financial infrastructure. The market has responded positively, and the asset has increased its popularity among investors. Ripple CEO Brad Garlinghouse described similar occurrences as “inevitable.”
XRP Price Following ETF Approval
Following Brazil’s approval for the ETF, the price for XRP rose to around $2.68 on February 19, 2025, supported by rising institutional buying and trading levels.
The ETF’s launch has also caused controversy over its ability to promote global liquidity and adoption. The market reaction indicates a growing demand for regulated cryptocurrency investment products.
