Brazil Approves First Spot XRP ETF, Beating the U.S. to Market

Brazil Leads the Way in XRP ETFs

Brazil has become the first country to approve a spot XRP exchange-traded fund (ETF), granting the green light to the Hashdex Nasdaq XRP Index Fund. The ETF is currently in its pre-operational phase and will soon begin trading on Brazil’s B3 exchange. However, the launch date has not yet been announced.

Rising Demand for Crypto Investment Products

The approval highlights the growing interest in cryptocurrency investment funds, with both retail and institutional investors seeking exposure to digital assets. Several major firms, including Bitwise, 21Shares, CoinShares, and Grayscale, have recently submitted applications for spot XRP ETFs. As of now, XRP is the third-largest cryptocurrency, with a $158 billion market cap.

Brazil’s Expanding Crypto Market

As Latin America’s largest economy, Brazil is emerging as a crypto investment hub. The country already has multiple Bitcoin ETFs, and many of its major banks offer digital asset services. Unlike in the U.S., where regulatory approval for XRP ETFs remains uncertain, Brazil is embracing the industry’s growth.

Growing Institutional Interest in Crypto ETFs

While Hashdex does not yet have a spot Bitcoin ETF in the U.S., it secured SEC approval in December for a fund that offers exposure to both Bitcoin and Ethereum. Meanwhile, Wall Street firms predict billions in investments for XRP ETFs, following the success of spot Bitcoin and Ethereum funds.