The Brazilian cryptocurrency market has scored yet another milestone, offering investors the world’s first XRP exchange-traded fund (ETF). The instrument, which according to local media was greenlighted by the country’s Securities and Exchange Commission (CVM), will offer institutions an easy way of investing in XRP, Ripple’s international cryptocurrency, without having to deal with self-custody and maintenance.
The Hashdex Nasdaq XRP Index Fund was launched by Hashdex, a known crypto fund manager, and managed by Genial Investimentos. The fund is currently in its pre-operational phases.
The liftoff of this ETF makes the Brazilian market a pioneer yet again when it comes to opening investment options that benefit institutions and individuals who enter the cryptocurrency market for the first time.
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Tether, one of the largest companies in the cryptocurrency industry, is looking to farm more than treasury yields. According to reports, the company is in the process of acquiring a majority stake in Adecoagro, an agricultural powerhouse operating in South America.
Tether has introduced a bid that would make it owner of 51% of Adecoagro in a deal that would involve a disbursement of $385 million. Bloomberg reported the company is offering a 27% premium to the market prices of Adecoagro shares, making a takeover likely due to the favorable offer.
“This investment is part of Tether’s broader approach to allocating profits into strategic sectors such as financial technology, artificial intelligence, biotech, and energy,” it said in a release.
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Argentine President Javier Milei gave his first public statements after the debacle of Libra, a crypto project he posted about on social media, before its price tanked, affecting thousands. Milei’s endorsement might have caused thousands to invest in this project, guided by a single media post.
Milei stated that he shared what he knew about Libra, explaining that it was focused on providing financing to Argentine entrepreneurs who had no access to legacy structures. However, after his post, he noticed that there was negative attention surrounding Libra.
The Argentine president stressed that all the affected were aware of the risks when entering this kind of trade, calling them “volatility operators.” “They knew very well the risk they were taking. If you go to the casino and lose money, it’s your problem,” Milei declared.
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