The Spot XRP ETF has received regulatory approval.
As the first nation to authorise a spot XRP exchange-traded fund (ETF), Brazil is poised to create history. Hashdex’s Nasdaq XRP Index Fund has received official approval from the Comissão de Valores Mobiliários (CVM), the nation’s securities authority. The listing and trading of the ETF on Brazil’s B3 stock exchange was made possible by this February 19 decision.
Awaiting the Date of the Official Launch
Although Hashdex received regulatory permission, the ETF’s official debut date has not yet been confirmed. In Brazil, the asset management currently runs a number of cryptocurrency exchange-traded funds (ETFs), including those for Bitcoin, Ethereum, Solana, and DeFi, Web3, and the metaverse.
The Impact of the US SEC on the Choice
The U.S. Securities and Exchange Commission (SEC), which recently accepted proposals for spot XRP ETFs from Nasdaq and Cboe BZX, made a crucial step that Brazil’s decision follows. These applications, which were filed on behalf of companies including as WisdomTree, Canary Capital, and CoinShares, indicated an increase in institutional interest in investment products based on XRP.
Price Increase for XRP After the News
The price of XRP increased by 8% to $2.72 after the news broke that Brazil has approved the spot XRP ETF. Even with this increase, XRP is still 20% off its peak, which is indicative of the market’s continuous volatility.
On the XRP Ledger, Braza Group Unveils a New Stablecoin
Another significant event is the introduction of the Brazilian real-pegged stablecoin, BBRL, on Ripple’s XRP Ledger by Braza Group, the market leader in the Brazilian interbank market. Braza Bank supports and oversees the stablecoin, making it a major participant in Brazil’s digital asset market.
In 2025, BBRL will be publicly launched.
Braza Group intends to make the BBRL stablecoin available to retail customers in early 2025, while institutional clients will be the first to use it. By the end of this year, CEO Marcelo Sacomori hopes to have a 30% market share in Brazil.
Brazil’s Increasing Interest in Blockchain and Crypto
The Brazilian government is still investigating digital asset tokenisation and blockchain technologies. As a reflection of the country’s growing interest in the cryptocurrency area, the central bank is actively researching the possibilities of blockchain applications, including the creation of a central bank digital currency (CBDC).
