First $XRP ETF Approved—Will Solaxy’s Solana L2 Gain Too?
This is a major victory for Ripple ($XRP) as Brazil’s securities regulator Comissão de Valores Mobiliários (CVM) approved the world’s first $XRP spot exchange-traded fund (ETF).
The news is another important step in the company’s expansion, which has already established partnerships with the central bank.
The crypto market responded positively to this development, Raised $XRP price in the past 48 hours. This development will also certainly increase exposure to other Brazilian ETFs. These include Solana ($SOL), which has two ETFs in the country, as well as related projects such as Solaxy ($SOLX).
Let’s dig into the details below.
$XRP gain increases ETF-approved exposure
Brazil’s CVM announced the approval of the $XRP spot ETF on February 18, the first in the world. The fund, formally known as the “Hashdex NASDAQ XRP Index Fund”, was established on December 10, 2024 and will be traded in the country’s major stock exchange B3.
With brokerage Genial Investimentos as its administrator, the $XRP ETF will allow investors to directly contact $XRP.
This means they will be able to speculate on the price of digital currencies in the stock market without actually owning a $XRP token. This will also help invest in tokens, as they can do so without using a crypto wallet.
However, there is no information on the ETF release date. We will post it to you as soon as possible.
Big wins for $XRP and other cryptocurrencies
As mentioned above, the approval of the first $XRP spot ETF will surely help Ripple expand rapidly around the world.
But outside of ETF, the company also has Cooperate with 10 central banks– Including Columbia, Georgia and Montenegro to help develop their respective central bank digital currencies.
CVM approval can also accelerate the confirmation of other $XRP ETFs currently under review in the United States, such as the Rex-Ossrey $XRP ETF, Canary $XRP ETF, and 21shares Core $XRP Trust. The crypto-friendly U.S. government will also increase the possibility of such approval.
$XRP’s entry into the Brazilian Stock Exchange also positively reflects the price of the token. As of this writing, XRP was $2.69 after its bottoming price on February 3 at $2.12.
$XRP approved for Solana and Solaxy
The $XRP Spot ETF is just one of several crypto ETFs in Brazil. Solana has two such funds, one provided by Brazilian asset manager QR Assets and the other provided by Hashdex (also managed $XRP) and Hashdex provided by $BTC and $ETH funds.
Both $sol ETFs were approved in August 2024. QR Asset’s spot ETF raised $2.75 million in its IPO in the same month.
Meanwhile, the second $sol ETF is currently in operational stage. Once the two Solana-based funds start trading, we can expect the popularity and value of $SOL to increase further.
How is it going to achieve all this? Through aggregation technology, bundling transactions together and handling them off-chain, making the whole process more efficient.
And, if you want to know about security, please don’t. Solaxy will finalize transactions on Solana, which means transactions will inherit the excellent security of the blockchain.
The $SOLX token is currently on Presale, which will allow you to invest in the project and hedge on the success of Solana without waiting for $SOL to trade on the Brazilian stock exchange. The project has raised $22.4 million to date, making it one of them The best crypto pre-sale 2025.
Also, you can place them. This means locking $solx in a fixed wallet, which gives you a chance to earn passive income (currently 181%).
$SOLX is still affordable, with a price of only $0.00164 per price. However, there will be another price increase in less than 10 hours, so it is better to buy the token as soon as possible.
Do research before investing
Crypto trading can be highly volatile. This means you have the potential to lose or gain from your investment. So be sure to do your own research before buying cryptocurrencies and never invest in the money you are not ready for losing.
Also, if you are considering buying cryptocurrency, talk to your financial advisor. The information in this article is for educational purposes only and does not constitute investment advice.
