#BTC #XRP Brazil Greenlights World's First XRP Spot ETF

In a groundbreaking move for the crypto world, Brazil appears poised to host the globe's first spot XRP exchange-traded fund (ETF). Crypto news outlet Portal do Bitcoin reports that Brazil's Securities and Exchange Commission (CVM) has given the green light to the HASHDEX NASDAQ XRP INDEX FUND for listing on the B3 stock exchange.
While an official launch date remains undisclosed, the ETF is currently in its pre-operational phase, with Genial Investmentos managing the fund. Hashdex, fresh off the SEC's approval of their crypto index ETF in the U.S. on December 19, 2024, submitted their XRP spot ETF application in Brazil on December 10th.
This Brazilian approval comes amidst a flurry of XRP spot ETF proposals awaiting a decision from the U.S. SEC. Among those vying for approval are industry giants like Grayscale, WisdomTree, Rex-Osprey, Canary Capital, and 21Shares. The SEC recently acknowledged the Cboe's filing for the Bitwise XRP ETF.
While the U.S. market awaits regulatory clarity, Hashdex's XRP ETF could soon become a reality on the B3 exchange. Ripple's Latin America Managing Director, Silvio Pegado, expressed enthusiasm for the development, citing XRP's real-world applications and growing institutional demand as driving forces.
Following the news, XRP experienced a surge in value, reaching approximately $2.65, a 5% increase in 24 hours. This placed XRP as the top performer among the top 10 cryptocurrencies by market capitalization, boasting a 10% gain over the past week.