Brazil continues to lead the way in cryptocurrency adoption in Latin America with the recent approval of its second Solana ETF (Exchange Traded Fund) by the Comissão de Valores Mobiliários (CVM), the country’s equivalent of the U.S. Securities and Exchange Commission. This approval comes shortly after the CVM sanctioned the world’s first Solana ETF earlier this month, demonstrating Brazil's commitment to advancing the crypto asset landscape.
Key Highlights:
The approval of these ETFs is particularly significant in a region grappling with inflation and political instability, which has driven many individuals to seek alternative financial solutions. Solana has emerged as a popular network for onboarding new users into the cryptocurrency space, with over 12,600 individuals attending onboarding events organized by Solana Allstars in Latin America this year.Despite the recent rejection of Solana ETF filings in the U.S. due to concerns about the asset's security status, Brazil's proactive stance suggests a burgeoning demand for cryptocurrency-based exchange-traded products in the global economy. The Brazilian CVM's approval may encourage other nations in the region to follow suit, further solidifying Solana's reputation as a credible asset.Read more at SolanaFloor.
- The newly approved Solana ETF is offered by Hashdex, a prominent multi-national crypto investment provider, in partnership with local investment bank BTG Pactual. Hashdex has established itself as a leading crypto asset manager in the region, having launched Brazil’s first crypto index ETF (HASH11) and currently overseeing $820 million in assets under management (AUM) while servicing over 245,000 investors globally.The new Solana fund is currently in a pre-operational stage and is expected to launch soon.
- Brazil's first Solana ETF, offered by QR Asset Management, is set to debut on the B3 stock exchange on August 28. This rapid progression in ETF approvals underscores Latin America’s growing interest in cryptocurrency investment vehicles.
