Brazil is making big moves in the crypto industry with some exciting news. The country’s securities regulator has just given the green light for its first-ever spot XRP ETF.
Let’s get started
Not surprisingly, XRP prices are on the rise, jumping 8% in just 24 hours.
The Hashdex Nasdaq XRP Index Fund is officially ready to roll, having received approval on February 19 from the Comissão de Valores Mobiliários, Brazil’s securities authority.
Now, before you rush to buy in, don’t get too excited just yet, there’s no official trading date set for Brazil’s B3 exchange.
Fund manager Hashdex promises to spill the beans soon. They’re already known for offering a variety of crypto ETFs in Brazil, including those for Bitcoin, Ethereum, Solana, and even funds focusing on DeFi and the metaverse.
XRP and its adoption are growing
In the U.S., the SEC is also considering several spot XRP ETF filings from major players like Nasdaq and Cboe BZX, but no official decision yet.
XRP is currently riding high at $2.72, just a hop and a skip away from its all-time high.
Next to the XRP, Brazilian bank Braza Group is stepping into the spotlight with plans to launch a brand-new stablecoin called BBRL, pegged to the Brazilian real and built on Ripple’s XRP Ledger.
Marcelo Sacomori, CEO of Braza Group, made it clear that they’re all about security and compliance.
This is Brazil
Initially, this stablecoin will be available only to institutional clients, but they have big dreams for it.
By 2025, they expect BBRL to capture 30% of the market in Brazil, and Braza Group isn’t just stopping there.
They’re also involved in DREX, an initiative by Brazil’s central bank aimed at exploring asset tokenization and cross-border payments.
Speaking of which, Gabriel Galipolo, Brazil’s central bank chief, not so long ago noted that crypto usage has skyrocketed in the country, 90% of that flow is linked to stablecoins.
So while DREX isn’t exactly a central bank digital currency, it’s paving the way for some serious innovation in Brazil’s financial sector.
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