In a most delightful twist of fate, Brazil’s securities regulator has bestowed its approval upon the nation’s inaugural spot XRP exchange-traded fund, coinciding with a rather impressive 8% rise in the asset’s value over the past 24 hours. Ah, the sweet scent of financial progress! 🌱
The Hashdex Nasdaq XRP Index Fund, now green-lit for trading in Brazil, has been sanctioned by the esteemed Comissão de Valores Mobiliários (CVM) on the 19th of February. One can only imagine the jubilant celebrations among the fund managers! 🎉
Yet, the official date for trading on Brazil’s B3 exchange remains shrouded in mystery, as the fund manager Hashdex promises to unveil more details soon. Perhaps they are waiting for the stars to align? 🌌
Hashdex, in its infinite wisdom, offers a plethora of crypto ETFs in Brazil, including Bitcoin, Ethereum, Solana, and funds dedicated to DeFi, Web3, and the ever-mysterious metaverse. What a buffet of options! 🍽️
Meanwhile, across the ocean, the United States securities regulator, the US Securities and Exchange Commission, has acknowledged several spot XRP ETF filings from Nasdaq and Cboe BZX exchanges on behalf of CoinShares, Canary Capital, and WisdomTree. A veritable international affair! 🌍
As if on cue, XRP prices have reacted with a 7.8% gain, reaching a delightful $2.72 at the time of this writing. The cross-border token is now tantalizingly close—just 20% away—from its all-time high. How thrilling! 🎢
Meanwhile, a Brazilian Bank Dares to Dream of a Stablecoin on XRPL
In a parallel narrative, the Braza Group, a notable player in Brazil’s interbank market, is preparing to launch a new stablecoin, pegged to the Brazilian Real, on Ripple’s blockchain, the XRP Ledger. A bold move indeed! 💪
“We are committed to offering a stablecoin that not only meets but exceeds the highest security and compliance standards,” declared Marcelo Sacomori, the CEO of Braza Group, in a rather grand announcement on February 19. One can only hope they have a good lawyer! 🕵️♂️
The Real-pegged stablecoin, whimsically named BBRL, will be backed by Braza Bank, which specializes in foreign exchange services and international payments. However, it is worth noting that this bank does not rank among the top ten in Brazil regarding assets and deposits. Yet, they claim to be the largest exchange bank in the country. Quite the paradox! 🤔
“Launching a stablecoin like BBRL on the XRP Ledger creates significant opportunities for the Brazilian market while also laying the groundwork for broader adoption across South America and beyond,” proclaimed Markus Infanger, Senior Vice President at RippleX. A visionary, indeed! 🌟
The stablecoin launch is slated for the first quarter of 2025, initially available only to institutional clients before expanding to the masses. “By the end of next year, we expect BBRL to capture about 30% of the market in Brazil,” said Sacomori, with a glint of ambition in his eye. 📈
Braza Group is also participating in DREX, a Brazilian central bank blockchain initiative exploring asset tokenization, cross-border payments, and a potential central bank digital currency (CBDC). A veritable smorgasbord of innovation! 🍭
Earlier this month, Brazil’s central bank chief, Gabriel Galipolo, noted that crypto asset usage in the country had surged over the past few years, with around 90% of the flow linked to stablecoins. A curious statistic, indeed! 📊
He also clarified that DREX is not fundamentally a CBDC but rather an infrastructure aimed at improving credit with collateralized assets. A fine distinction, if one may say so! 🧐
Read More
- EUR JPY PREDICTION
- DF PREDICTION. DF cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- Doctor Strange’s Shocking Return in Marvel’s Avengers: Doomsday Revealed!
- COW PREDICTION. COW cryptocurrency
- ASTR PREDICTION. ASTR cryptocurrency
- USD MXN PREDICTION
- POL PREDICTION. POL cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- YFI PREDICTION. YFI cryptocurrency
2025-02-20 09:22