Brazilian crypto asset manager Hashdex has been approved by the Brazilian Securities and Exchange Commission (CVM) to launch the world’s first spot XRP exchange-traded fund (ETF). The approval marks a milestone for Ripple, providing more regulated exposure to XRP, the blockchain’s native crypto.
Hashdex Set to Launch Spot XRP ETF
According to the Brazilian-based crypto media outlet Portal do Bitcoin, the ETF (HASHDEX NASDAQ XRP INDEX FUND) was officially established in December 2024 and is currently in its pre-operational phase.
The Brazilian brokerage firm Genial Investimentos manages the fund. However, key details such as the official launch date and trading specifics on B3, Brazil’s primary stock exchange, have yet to be disclosed.
“XRP is a natural choice for an ETF due to its real-world utility, growing institutional demand, and overall market cap,” said Silvio Pegado, managing director of Ripple in Latin America, in a statement to Portal do Bitcoin. He also noted that the CVM’s regulatory framework has been key to positioning the country as a hub for crypto-related innovations.
Launching the first XRP ETF will boost XRP adoption and increase liquidity in the crypto market. Following the news of the ETF approval, the coin has gained 6%.
Crypto ETFs Gain Attention Amid Regulatory Hurdles
The growing demand for crypto ETFs has led to regulatory debates worldwide, with some countries embracing the trend. The United States SEC, under the leadership of Gary Gensler, approved only Bitcoin and Ethereum ETFs.
One of the most contentious legal battles influencing crypto ETFs is the Ripple lawsuit, which has shaped how digital assets should be classified in the U.S. Ripple later secured a partial victory, with a U.S. court ruling that sales of XRP to retail investors were not securities transactions.
Nonetheless, Several firms have recently filed for crypto ETFs in the U.S. Grayscale submitted filings for XRP and DOGE spot ETFs, which the SEC acknowledged last week. Similarly, CoinShares has filed spot ETFs for Litecoin (LTC) and XRP, which the SEC has formally recognized as part of pending applications. Bitwise has also filed for an XRP ETF.
Meanwhile, the crypto community believes the launch of the XRP ETF in Brazil could set a precedent for other nations and lead to similar approvals in different markets, including the U.S.
