#XRPETF

Brazil Leads With First-Ever Spot XRP ETF

XRP is the industry’s fourth most valuable cryptocurrency with a $158 billion market cap as of this writing. But despite its dominance in the cryptosphere, regulatory obstacles have effectively hindered the launch of a spot exchange-traded fund (ETF) until now.

Asset manager Hashdex has launched the Hashdex Nasdaq XRP Fundo de Índice, or Hashdex Nasdaq XRP FI, according to a press release from Valor Econômico.

Hashdex received the sign-off from Brazil’s Securities and Exchange Commission (CVM) to launch the XRP-based ETF back in February. After the approval by the country’s financial investments regulator, the fund entered into a pre-operational phase. The ETF was undergoing preparatory steps during this time and was not available for trading.

Now trading on B3 under the ticker XRPH11, the fund will track the price of XRP across major crypto exchanges using the Nasdaq XRP Reference Price Index.