#179: Hashdex approved to launch world's first XRP ETF 🚀
Plus: Tether looks to acquire majority stake in Adecoagro; 95% of Latam users want to increase crypto holdings
Olá pessoal!
Welcome back to 🇧🇷Brazil Crypto Report for the week of February 17-21, 2025.
It’s been a rough couple of weeks in crypto: Bybit was hacked for US$1.4 billion, the Javier Milei shitcoin drama looks worse by the day, bitcoin has been struggling to maintain $100,000.
But the show must go on, as they say, and we have some exciting news from Brazil this week on the ETF front with Hashdex being approved to launch the world’s first XRP ETF.
Stay strong team and keep pushing!
🔎 What’s in this week’s BCR?
Hashdex approved to launch world’s first XRP ETF in Brazil
Sao Paulo startup Nexa Finance launches on-demand RWA tokens
Tether looks to buy majority stake in Latam agribusiness giant Adecoagro
Binance: 95% of Latam users want to increase crypto holdings
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Hashdex to launch world’s first XRP ETF in Brazil
The CVM, Brazil’s securities regulator, approved the Hashdex Nasdaq XRP Index Fund for launch in Brazil.
The fund, currently in pre-operational phase, will be the world’s first single asset ETF holding the XRP cryptocurrency.
Hashdex says that it has obtained the registration required to launch the product and will disclose more information about the launch soon. Genial Investimentos will manage the fund.
Silvio Pegado, Ripple’s regional director for Latin America, said in a statement:
“Through regulation and public consultations, Brazil continues to position itself as a country open to innovation, and we hope it will be central to more pioneering advances in the crypto asset sector in the future.”
Hashdex also announced the launch of its 8th crypto ETF in Brazil. The FOMO11 fund will provide access to a weighted basket of 12 of the largest cryptocurrencies by tracking the Vinter Hashdex Risk-Parity Momentum Index.
The fund will start trading on April 2 on the B3 exchange; Genial Institucional and Itaú BBA will coordinate the offering. The initial investment per share will be approximately R$30.
Samir Kerbage, Hashdex Chief Investment Officer, said in a statement:
"FOMO11 is yet another innovation from Hashdex that meets the demand of investors seeking exposure to crypto assets that have performed better within the crypto market in a systematic manner and with the regulation of an ETF.”
Valor Valor Investe Exame BlockNews Portal do Bitcoin CoinTelegraph Brasil
Tether looks to buy majority stake in Adecoagro
The stablecoin giant has made an “unsolicited” proposal to acquire a majority stake in Latam agribusiness giant Adecoagro, which has land holdings and business operations in Brazil, Argentina and Uruguay.
The US$12.41 per share offer would increase Tether’s existing stake in the company from 19.4% to 51%.
Adecoagro produces sugar, ethanol, dairy products and grains across the region. In Brazil specifically, the company has sugar and ethanol-based sugar mills, and also invests in bioelectricity from sugarcane.
Tether said in a statement to CoinDesk:
"Land is a critical asset class, scarce, yielding long-term returns, and historically a safe haven during geopolitical uncertainty…Investing in agriculture aligns with our vision of resilience and sustainability, complementing our existing holdings in bitcoin (BTC) and gold. Adecoagro, with its focus on essential agricultural production, represents an opportunity to support an industry fundamental to humanity’s future."
Adecoagro is an early investor in Agrotoken, which operates in the tokenization of commodities and has partnerships with Visa, Banco do Brasil and Polygon.
Portal do Bitcoin CoinTelegraph Brasil BlockNews
Binance: 95% of Latam users want to increase crypto holdings
The crypto exchange interviewed 10,000 customers across Brazil, Argentina, Colombia and Mexico.
95% of those surveyed intend to increase their crypto positions in 2025, with 55% expecting a strong increase in prices and 32.5% expecting a moderate increase.
Guilherme Nazar, Binance’s regional vice president for the region, said in a statement:
“Latin America is a region that is booming for the crypto sector, and the results of this survey reinforce what we have observed in our operations…The development of regulations in the region will help to consolidate this growth in a sustainable way.”
Nexa Finance launches on-demand RWA tokens
The Sao Paulo startup has created a product that creates hyper-customized investment portfolios based on an individual client’s needs.
These “fund tokens” incorporate assets ranging from equities, foreign currency, sovereign debt and corporate bonds, and incorporate various preferences such as expected returns, redemption terms, cash flows etc.
Nexa takes the individual’s preference and assembles a basket of traditional and alternative investments available via Nexa’s platform — which acts as an asset manager, securitizer and digital asset platform.
Lucas Danicek, Nexa Finance founder, said:
“Our goal is to offer all investors, from ‘super-rich’ to retail, the same product already validated by major institutional players, with reduced costs, customization and programmability.”
Nexa concluded a R$20 funding round at the end of last year.
🗞Brazil Crypto News Rundown
📈 Markets
Liqi and payment solutions company Tiba Pix are launching a new RWA token that pays 21.07% annual yield. (CoinTelegraph Brasil)
Mercado Bitcoin launched an RWA token linked to royalties from the Luan Santana song “Deus é Muito Bom” (God is Very Good). MB estimates the return to be 17% annually. (CoinTelegraph Brasil)
Brazil’s B3 exchange reported R$65 million on bitcoin futures in 2024. It closed the fourth quarter with an average daily trading volume of 206,000 bitcoin futures contracts. (Portal do Bitcoin) (Exame)
50% of Brazilian currency exchange companies are researching stablecoins, according to a study by ABRACAM (Brazilian Currency Exchange Association). Currently, only 6% of such companies use this technology. ABRACAM president Fernando Marques Borges said:
"Currently, the market already adopts stablecoins, but the recent regulatory proposal has increased the relevance of this issue. However, these assets are already part of the payment method structure, meeting all legal requirements. What the market is waiting for to expand this adoption is clearer regulations, ensuring greater legal certainty – and we have been working in this direction" (CoinTelegraph Brasil)
Braza Bank announced the launch of the BBRL real-pegged stablecoin on the XRP Ledger. It will be released to consumers later this quarter through the Braza On app. Marcelo Sacomori, CEO of Braza Group, said in a statement:
“With BBRL, Brazilians and national companies gain new alternatives to protect themselves from volatility and streamline their operations, contributing to a more inclusive and efficient financial ecosystem.” (Investing.com)
📲 Adoption
Binance is promoting a free concert on March 8 in Sao Paulo with singers Jorge Aragao, Dudu Nobre and Teresa Cristina as part of its Carnaval activation. Melanie Steiner, marketing director Binance in Latam, said:
“Carnival is more than a party; it is an expression of Brazil’s vibrant culture and community spirit. And this connects deeply with the strength of the cryptocurrency ecosystem and the people who participate in it. Our partnership with the bloco and Carnival reflects our connection with Brazil, its culture, and the country’s development.” (CoinTelegraph Brasil) (BeinCrypto)
A new survey shows that 14.7% of Brazilians are open to the possibility of giving up their bank accounts in favor of cryptocurrencies. However, 40% of respondents tend to agree or definitely agree with the statement that “cryptocurrencies are not trustworthy”. The survey was conducted by YouGov. (Valor)
Globo ran an explainer article discussing Drex, which is supposed to conclude the second phase of its pilot in the middle of this year.
Brazil’s Central Bank announced that Pix by approximation will launch on February 28. (CoinTelegraph Brasil)
In light of recent comments from new Central Bank president Gabriel Galipoli, Rogerio Melfi of ABFintechs explores whether or not Drex should be thought of as a CBDC. (BlockNews)
Brazil was highlighted as a global leader in preventing identity fraud in the crypto market, according to a study by Sumsub. The report notes that Brazil stands out for its innovative regulations and document-free KYC solutions. (CoinTelegraph Brasil)
Polkadot, via Sunset Labs, and Node Hub Web3 are partnering to create a real-life crypto hub in Rio de Janeiro. (CoinTelegraph Brasil)
Brazil vowed to continue pressing forward with a BRICS payment system despite during its 2025 presidency of the bloc. US President Donald Trump has made significant threats against countries who ultimately implement this. A priority document explains that:
“In order to fulfill the mandate established by BRICS leaders at the Johannesburg Summit in 2023, Brazil's presidency will continue cooperation efforts to develop local payment instruments that facilitate trade and investment, taking advantage of more accessible, transparent, secure and inclusive payment systems.” (CoinTelegraph Brasil)
Telegram has enabled no-fee USDT purchases via Pix through its native wallet. (CoinTelegraph Brasil) (BeinCrypto)
🏛 Policy, Regulation and Enforcement
The Central Bank’s proposal to prohibit the self-custody of stablecoins could produce the opposite effect of that intended by the regulator and cause a flight of capital from Brazilian investors and companies to offshore exchanges and DeFi protocols, attorneys Nicole Dyskant and Fabio Cendao argued during a panel at Smart Summit in Rio de Janeiro. (CoinTelegraph Brasil)
Brazilian human trafficking victim Phelipe de Moura Ferreira described in a live broadcast how he was forced by his captors in Myanmar to push cryptocurrency investment scams, including posing as a Chinese model. (Portal do Bitcoin)
Civil Police in Goias arrested seven suspects involved in a “prize winning evaluation” scam that generated R$93 million (US$16 million). More than 70 cryptocurrency purchase and sale contracts with Russians were found in the home of a suspect. (Portal do Bitcoin) (Livecoins)
A special committee in the Brazilian Congress has extended the deadline for a public consultation on a draft bill seeking to create new regulations for Brazil’s crypto market. The new deadline for submitting suggestions is March 16. (Portal do Bitcoin)
The Chamber of Deputies passed a bill that would make it a crime to disseminate AI generated content involving nudity or sexual acts. (CoinTelegraph Brasil)
Civil Police in Florianopolis seized R$285,000 in cryptocurrencies from a 21-year old man suspected of diverting R$6 million from a local fintech. (Portal do Bitcoin) (Livecoins)