Brazil Spot XRP ETF Launch: Hashdex and Genial Investimentos Unite

In a historic milestone for the world of cryptocurrency, Brazil is the first nation to introduce a Spot XRP ETF

Brazil has become the first country in the world to launch a Spot XRP ETF, a significant milestone for the cryptocurrency industry. The new ETF, which begins trading on April 25, 7:00 AM ET, is set to revolutionize the landscape of international digital finance.

The ETF, known as XRPH11, is being launched by Hashdex, a renowned digital asset manager, and will be managed by Genial Investimentos, with Genial Bank serving as the custodian.

Investors will now have the opportunity to gain direct exposure to XRP, one of the world's most prominent cryptocurrencies, through their investment portfolios.

The ETF will track the price of XRP, the cryptocurrency developed by Ripple Labs, closely. It is different from standard crypto funds that invest in a basket of digital assets.

After receiving approval from the Brazilian Securities and Exchange Commission (CVM) in February, XRPH11 is open for trading by the public. At launch, the fund has an initial size of about $40 million.

The fee structure for XRPH11 is set at 0.3% per year, while the administrative fee is 0.1% per quarter.

Samir Kerbage, CIO of Hashdex, explained that the aim is to provide institutional investors with a simple and safe way to enter the crypto markets. In addition to XRPH11, Hashdex already has Bitcoin (BITH11), Ethereum (ETHE11), and Solana (SOLH11) ETFs listed on B3.

Meanwhile, in the U.S., there is strong anticipation for the approval of similar Spot XRP and Solana ETFs. Experts at Defiance ETFs estimate that these ETFs could attract around $14 billion in new investments when released.

The launch of XRPH11 could also serve as a potential near-term catalyst for XRP price appreciation.

TON Network is shutting down its Toncoin bridge on May 10 at 08:00 UTC. The move is part of a broader strategy to streamline operations and focus on its core strengths.

The Toncoin bridge enables users to transfer tokens between the blockchain and other chains. Its closure will prevent any further deposits or withdrawals to or from the network.

However, the existing Toncoin balances on the bridge will remain accessible for withdrawal to the network for a period of one year from the shutdown time. After one year, any remaining Toncoin will be returned to the treasury.

The move comes as part of a broader strategy by TON to streamline operations and focus on its core strengths.

Earlier this year, TON announced that it would be shutting down its Web3 Grants Program to streamline operations and focus on its core strengths. The program was launched in 2022 to support projects building dApps and other services on the blockchain.

Despite shutting down the grant program, TON said it was committed to supporting the development of the ecosystem and would continue to invest in projects that are building innovative products and services on its chain.

The move to shut down the Toncoin bridge is part of a broader trend among blockchains to reduce the scope of their operations and focus on their core strengths.

In recent months, several blockchains have announced plans to lay off employees and cut costs in response to the bear market and the macroeconomic downturn.

However, the crypto industry is still hiring, according to a recent report by crypto jobs platform BeWater. The report found that crypto companies are hiring for a wide range of roles, including software engineers, product managers, and marketers.

The report also found that the average salary for a crypto job is $150,000 per year.

As the industry recovers from the bear market, we can expect to see more blockchain networks streamline their operations and focus on their core strengths. We can also expect to see more crypto companies hiring as the industry continues to grow.