🌎 XRP Spot ETF Gets Regulatory Approval

Hashdex Receives Regulatory Approval for World’s First XRP Spot ETF

Hashdex has been granted regulatory approval to launch the world’s first XRP spot exchange-traded fund (ETF) in Brazil. The country’s Securities and Exchange Commission (CVM) has approved the HASHDEX NASDAQ XRP INDEX FUND for listing on the B3 stock exchange.

Regulatory Approval Paves the Way for Listing

The approval marks a significant milestone for Hashdex, which applied for the XRP spot ETF in Brazil on December 10. The ETF is currently in the pre-operational phase, with Genial Investmentos serving as the funds administrator. Although the exact listing date is not yet clear, the approval sets the stage for the ETF’s launch.

Global Interest in XRP Spot ETF

The approval comes as multiple issuers in the United States await potential nods from the Securities and Exchange Commission (SEC). Proposals from Grayscale, WisdomTree, Rex-Osprey, Canary Capital, and 21Shares are currently under review. The SEC recently acknowledged the Cboe filing for the Bitwise XRP ETF.

XRP’s Real-World Utility and Rising Demand

According to Silvio Pegado, Ripple’s managing director of Latin America, the launch of the first spot XRP ETF is long overdue. Pegado points to XRP’s real-world utility and rising demand across institutional investors as key factors driving the need for a spot ETF.

“It’s about time the first spot XRP ETF hits the market.”

XRP Price Reacts to News

The XRP price reacted positively to the news, hovering around $2.65 at the time of writing, with a 5% increase in the past 24 hours. The altcoin was the top gainer among the 10 largest cryptocurrencies by market cap, with weekly gains at 10%.

Tips for Investors

As the XRP spot ETF prepares to launch, investors should consider the following:

Stay informed about the listing date and any updates from Hashdex or the CVM.
Understand the benefits and risks associated with investing in a spot ETF.
Monitor XRP’s price movements and market trends.
Consider consulting with a financial advisor before making investment decisions.