The Brazilian cryptocurrency market has scored yet another milestone, offering investors the world’s first XRP exchange-traded fund (ETF). The instrument, which according to local media was greenlighted by the country’s Securities and Exchange Commission (CVM), will offer institutions an easy way of investing in XRP, Ripple’s international cryptocurrency, without having to deal with self-custody and maintenance.

The Hashdex Nasdaq XRP Index Fund was launched by Hashdex, a known crypto fund manager, and managed by Genial Investimentos. The fund is currently in its pre-operational phases.

The liftoff of this ETF makes the Brazilian market a pioneer yet again when it comes to opening investment options that benefit institutions and individuals who enter the cryptocurrency market for the first time.

Brad Garlinghouse, CEO of Ripple, reacted to the news positively on X, telling his followers “Bom Dia!”

Silvio Pegado, Regional Director of Ripple Latam, believes that Brazil has a visionary approach to crypto markets, remarking that it also approved one of the world’s first Bitcoin ETFs in 2021, conceived by QR Capital.

Talking to Valor Economico, Pegado declared:

Through regulation and public consultations, Brazil continues to position itself as a country open to innovation, and we expect it to be central to more pioneering advances in the crypto sector in the future.

Brazil has opened to other similar crypto funds, including the first Latam-based Ethereum ETF, and the first and second Solana-based ETFs. The performance of these funds has also been positive, with crypto ETFs reaching record numbers in November when investors jumped into the cryptocurrency bull market using these vehicles.

Read more: Bitcoin ETFs Set New Records in Brazil

Meanwhile, several companies have filed proposals to offer a similar fund in the U.S., but these applications have still to be approved (or rejected) by the country’s securities regulator.

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