Brazil will become the first country to launch a spot XRP ETF.

BlockBeats News, February 20th, according to Decrypt's report, the Hashdex Nasdaq XRP Index Fund, owned by cryptocurrency asset management company Hashdex, has received approval from the Brazilian financial investment regulatory agency, making it the world's first physically-backed XRP ETF. The fund is currently in the pre-operational phase and is set to be listed for trading on the Brazilian B3 exchange, with the specific listing date yet to be announced.

The report notes that recently, several institutions including Bitwise Asset Management, 21Shares, CoinShares, and Grayscale have submitted applications for physically-backed XRP funds. JPMorgan analysts predict that such funds could attract $30 billion to $60 billion in investments.