- The Brazilian Securities and Exchange Commission (CVM) has just approved the world’s first XRP ETF, called HASHDEX NASDAQ XRP FUNDO DE ÍNDICE
- Hashdex, a Brazilian asset management firm specializing in digital assets, will manage the fund, with Genial Investimentos overseeing its administration
- The XRP ETF is registered with the CVM is expected to go live soon, following a rapid approval process
The Brazilian Securities and Exchange Commission (CVM) has just approved the world’s first XRP Exchange Traded Fund. The ETF will be officially named “HASHDEX NASDAQ XRP FUNDO DE ÍNDICE”.
Hashdex, a Brazilian asset management firm that specializes in digital assets, will be the manager of the fund. The XRP ETF will also be governed by “Genial Investimentos”, one of the largest Brazilian financial services companies.
The XRP ETF is already registered with the CVM. According to its website, the fund is still in the “operational stage”, but is likely to go live soon. Genial Investimentos initially filed a request with the CVM on December 12, 2024, meaning that it took the Brazilian SEC less than 3 months to approve the new Spot XRP fund.
Ripple’s CEO Brad Garlinghouse celebrated the development on Twitter. Today, February 19, the executive reposted a CoinTelegraph post about the subject with the caption “Bom Dia!”, Portuguese for “good morning”.
Meanwhile, Ripple’s Latin America Director Silvio Pegado celebrated Brazil’s “visionary approach” to the XRP ETF. The executive also congratulated the CVM’s regulatory practices in an interview with the Brazilian media “Valor Econômico”.
XRP Surges 7% in Value With New ETF Report
Ripple’s altcoin XRP enjoyed quite a profitable intra-day pump after the reports of the world’s first XRP ETF came to fruition.
According to CoinMarketCap, $XRP went from $2.51 to as high as $2.73 throughout the day, marking a daily increase of 7% in value.
The recent pump led the currency to regain the $2.70 margin, as buyers now aim to consolidate the asset near the three-dollar zone.
Moreover, the Brazilian XRP ETF also serves as an “appetizer” for investors to anticipate how the altcoin will react once a similar XRP ETF is approved in the United States. As of right now, Bitwise, 21Shares, Canary Funds, Rex-Osprey, and WisdomTree are in the race.
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