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Summary ⚈ Brazil’s first spot XRP ETF (XRPH11) launched with strong double-digit gains. ⚈ The ETF mirrors XRP’s price, but gains remain modest due to Brazil’s smaller market. ⚈ Focus shifts to potential U.S. spot XRP ETF approval later this year. The world’s first spot XRP exchange-traded fund (ETF) is off to an impressive start in the first days of its launch, posting double-digit gains. Listed under the ticker XRPH11 on Brazil’s B3 stock exchange, the XRP HASH CI ETF ended the April 28 session trading at R$22.10 ($3.98), up over 1.22% for the day and has climbed 10.50% since going live on April 25. The standout performance followed a massive late-session surge, with the ETF spiking sharply from R$19.87 ($3.58) to R$22.10 ($3.98) in the final hour of trading. XRPH11 all-time price chart. Source: TradingView The ETF is issued by Hashdex, a Brazilian crypto asset manager that has previously launched similar funds for Bitcoin (BTC) and Ethereum ...

Bitcoin ($BTC) jumped 5% to above $43k on Tuesday as markets reacted to news around BlackRock’s spot Bitcoin ETF filing. An analyst says the latest amendment to BlackRock’s proposal means an approval is as good as done. Positive sentiment has altcoins also bouncing higher, and Pullix ($PLX) looks poised as presale surpasses $800k. Bitcoin ($ BTC ) bounced higher on Monday after the weekend’s retreat to below $41k, with the market’s reaction to the latest spot Bitcoin ETF news lifting altcoins. Elsewhere in the market, the Pullix ($PLX) presale accelerated as stage 3 surpassed the $800k raised mark. What does the highly anticipated ETF approval mean for the crypto market? Could $PLX benefit from this? Bloomberg’s Eric Balchunas says spot Bitcoin ETF “debate over” On Monday, BlackRock filed an amended S-1 application for its spot Bitcoin ETF proposal. Instead of its earlier version’s in-kind redemption model,...

Steven McClurg, co-founder of Valkyrie Investments, believes the U.S. Securities and Exchange Commission (SEC) will approve multiple spot Bitcoin exchange-traded fund (ETF) applications in November 2023.  In his assessment, firms have addressed all the issues of market manipulation raised by the regulator.  By McClurg’s estimation, the regulator may send another round of comments to those who submitted for the ETFs in the next one to three weeks, followed by approval of 19b-4 rule changes in November 2023.  You might also like: Invesco and Galaxy’s spot Bitcoin ETF listed on DTCC site However, the market will likely see spot Bitcoin ETFs in February 2024. This comes after McClurg expressed belief in a Bitcoin spot ETF approval by at least Q2 of next year in a recent interview with Forkast. “A late November approval likely means a February launch. Before anything else happens, we get a second round of comments. We’ll probably get those commen...

In a press release dated Oct 31., WadzPay, a technology provider that facilitates virtual asset-based payments has shared the news that they have initial approval from Duba’s Virtual Assets Regulatory Authority (VARA), the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities. This approval brings WadzPay one step closer to receiving the Virtual Asset Service Provider (VASP) License. An immense honor With this approval , WadzPay will not be in a place to continue preparations for the provision of virtual asset services under the VASP License for Transfer & Settlement and Broker/Dealer activities. “We are immensely honored to have received initial approval from VARA. This recognition reaffirms our commitment to delivering cutting-edge blockchain-based solutions that not only revolutionize but also adhere to the highest regulatory standards. We are grateful for the opportunity to contribute to the growth of the fintech ecosystem in t...

The SEC’s recent approval of Ethereum ETFs confirms its status as a non- security , says former CFTC Chairman Brian Quintenz, who is currently a head of policy of a16z crypto. On Oct. 2, the financial market welcomed a total of nine ETF products aimed at tracking futures contracts linked to Ether, the native currency of the Ethereum blockchain. Out of these nine, five ETFs are solely focused on Ether futures, whereas the remaining four offer exposure to both Bitcoin (BTC) and Ethereum (ETH) futures contracts. Grayscale Investments is also exploring the possibility of converting its existing Ethereum Trust into a spot Ethereum ETF. Ethereum ETF approvals suggest changing regulatory winds at SEC Brian Quintenz, who serves as the Head of Policy at a16z Crypto and is a former CFTC Commissioner, suggested that the SEC’s approval of an Ethereum ETF may signal a change in the agency’s stance, possibly moving away from treating ETH as a security . By approving ETH ...

Once the bankruptcy plan receives approval, the lender said it intends to concentrate on recovering funds from other defunct firms. BlockFi’s reorganization is gradually progressing, with the company revealing that the United States Bankruptcy Court for the District of New Jersey has conditionally approved its disclosure statement. BlockFi and the Official Committee of Unsecured Creditors jointly issued a statement on Aug. 2, 2023, urging all eligible parties to vote to accept the plan by the Sept. 11 voting deadline. The successful approval of the plan will effectively resolve the Chapter 11 cases and facilitate the return of client funds. Once the bankruptcy plan receives approval , the lender said it intends to concentrate on recovering funds from several defunct firms, including Alameda Research, FTX, Three Arrows Capital, Emergent, Marex and Core Scientific. The primary aim is to optimize client recoveries while countering claims by third parties that could significantly dilute ...

Sygnum Singapore has successfully secured in-principle approval of its Major Payment Institution License (MPIL) application from the Monetary Authority of Singapore (MAS). The license enables the bank to offer its clients regulated crypto brokerage service s. Sygnum Singapore, the Southeast Asian arm of Switzerland’s crypto-friendly Sygnum bank, is set to expand its digital assets services in the region, having successfully secured an in-principle approval of its Major Payment Institution License (MPIL) from the country’s financial watchdog. According to a press release, Sygnum’s MPIL will officially enable the bank to launch its regulated digital assets brokerage service in Singapore. The platform will support fiat on/off ramps for a vast array of crypto currencies while also offer ing users fast trade execution, deep liquidity, and more. Sygnum clients will each have a dedicated Relationship Manager that will always be available to cater to their needs. You might a...