Hashdex Gains Approval to Launch the First-Ever XRP ETF in Brazil

The world’s first XRP ETF is almost here, as Hashdex won approval to launch such a product in Brazil. Few details, including a firm release date, have been revealed, but the asset manager claims it will give more information soon.

This development hasn’t moved XRP’s price very much, but that isn’t surprising. XRP has been struggling despite strong momentum from the SEC, which will likely approve a US ETF soon.

Brazil Wins the XRP ETF Race

Momentum is building worldwide to launch an XRP ETF, and its supporters just won a major breakthrough. In the US, the SEC has begun acknowledging several relevant applications, and optimism is very high that the US will get one this year.

However, according to local reports, Brazil will get the world’s first XRP ETF, launched by the asset manager Hashdex.

“According to information on the [Brazilian SEC’s] website , the HASHDEX NASDAQ XRP INDEX FUND was established on December 10th of last year and is in the pre-operational phase. The administrator is the brokerage firm Genial Investimentos and there are still no documents attached with further details,” the report claimed.

Unfortunately, because these relevant documents are not available online, it’s difficult to make too many conclusive statements about Brazil’s XRP ETF. In a statement to local media, Hashdex claimed that it can’t reveal an official release date but will release more information about the start of trading soon.

This isn’t Brazil’s first time winning a global ETF race. Last August, the nation approved the world’s first Solana ETF, a milestone which has not been crossed in most jurisdictions.

Hashdex, too has useful experience on the cutting edge: last December, it won SEC approval for a combined Bitcoin and Ethereum ETF. This was especially impressive because Gensler was Chair at the time.

Despite this major achievement, the price of XRP hasn’t responded well yet. In fairness, however, there is precedent for this. After Brazil approved the Solana ETF, institutional investors still lost interest in SOL shortly afterwards.

XRP ETF momentum in the US hasn’t moved the needle much, so it’s not too surprising that the same rule applies abroad.

However, there are several positive outlooks for the XRP community. The commission is likely to drop the Ripple lawsuit soon. Most importantly, the overall industry will potentially receive regulatory clarity on the securities vs commodities debate.

This regulatory clarity will be critical for an XRP ETF and its institutional demand. Meanwhile, Hashdex’s approval in Brazil will likely continue to build pressure on the SEC to approve a US version.