Brazil’s securities regulator is moving to approve what will be the world’s first spot XRP (CRYPTO: $XRP) exchange-traded fund (ETF),
The regulator, known as the “Comissão de Valores Mobiliários,” say it is in the process of launching the HASHDEX NASDAQ XRP FUNDO DE ÍNDICE, an XRP ETF.
The fund’s administrator will be Genial Investmentos, a local investment brokerage firm.
While the fund doesn’t yet have an official date to start trading on Brazil’s B3 exchange, the regulator said it will soon release more information concerning when the ETF will launch.
The U.S. Securities and Exchange Commission (SEC) has received numerous spot XRP ETF applications from asset managers such as %CoinShares, %Bitwise and %Grayscale.
The launch of ETFs focused on the price movements of altcoins such as XRP could draw billions of dollars to the space, according to U.S. bank %JPMorganChase (NYSE: $JPM).
The impact of a spot XRP ETF in Brazil is likely to be small compared to the launch of a similar fund in the U.S.
XRP is the %Cryptocurrency of Ripple Labs, an American technology company that offers enterprise %Blockchain products on what’s known as the XRP Ledger.
The price of XRP is currently at $2.70 U.S. per digital token, having risen 380% over the past 12 months.
