The first spot exchange-traded fund based on XRP ($2.71)’s ongoing price will soon begin trading—just not in the U.S.
The Hashdex Nasdaq XRP Index Fund has launched in a pre-operational phase and will debut on Brazil’s B3 exchange after the country’s financial investments regulator greenlit the ETF on Wednesday. Crypto asset manager Hashdex has not yet specified a start date.
The fund’s approval comes as issuers worldwide aim to address surging demand for crypto-focused investments, amid a more favorable regulatory environment for these products and widening acceptance among retail and institutional investors.
In recent weeks, multiple firms, including issuing giants Bitwise Asset Management, 21Shares, CoinShares, and Grayscale, have submitted applications for spot XRP funds. XRP is the third-largest digital asset with a $158 billion market cap as of this writing.
Brazil: A crypto hub
Brazil is Latin America’s largest economy, and the third-largest economy in the Americas after the U.S. and Canada.
It is also the region’s biggest crypto player: Brazil has more Bitcoin ETFs<…>