Dollar

Solana

BlackRock

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p dir="ltr">The first spot Solana exchange-traded fund is&nbsp;<a href="https://x.com/SolanaFloor/status/1821323642040467623" rel="noopener noreferrer nofollow">reportedly</a> set to go live in Brazil soon. This update comes on the heels of approvals from the Brazilian Securities and Exchange Commission (CVM). The news has brought excitement within the crypto community, with the hope that it would propel SOL to an astronomical height.</p>
<h2 id="brazil-s-first-solana-etf">Brazil's first Solana ETF</h2>
<p dir="ltr">QR Asset Management will offer the first Solana ETF fund on its platform, with Vortx serving as the manager. QR Asset is among the leading asset managers in Brazil with assets under management (AUM) worth over R$876 million (about $155 million) and over 100,000 customers.</p>
<p dir="ltr">The spot Solana ETF is expected to begin trading as soon as approval is obtained from the Brazilian stock exchange B3. The CME CF Solana Dollar Reference Rate index will drive the fund's pricing. Created by CF Benchmarks, this index will provide a credible valuation of Solana from compiled transaction data from top crypto exchanges.</p>
<p dir="ltr">Overall, the approval of the Solana ETF solidifies Brazil’s position as a leader in the crypto ETF market. Brazil is among other countries pushing crypto advancements and the adoption of a clear&nbsp;<a href="https://u.today/brazil-other-latin-american-countries-move-to-regulate-crypto" rel="noopener noreferrer nofollow">regulatory framework</a> in the ecosystem.</p>
<h2 id="uncertainty-in-us-solana-etf-launch">Uncertainty in US Solana ETF launch</h2>
<p dir="ltr">While Brazil has gained regulatory approval for a spot Solana ETF launch, the U.S. still lags in this regard. Hopes for a spot Solana ETF launch in the U.S. remain uncertain due to regulatory obstacles. This fear comes despite applications for a&nbsp;<a href="https://u.today/solana-etf-buzz-picks-up-steam-with-yet-another-filing" rel="noopener noreferrer nofollow">Solana-based ETF</a> from asset managers VanEck and 21Shares.</p>
<p dir="ltr">Meanwhile, BlackRock, a major asset manager in the U.S., has&nbsp;<a href="https://u.today/solana-and-xrp-etf-potential-approval-under-threat-heres-reason" rel="noopener noreferrer nofollow">dismissed</a> the idea of floating a Solana-based ETF.&nbsp; The lack of interest from this major asset manager in the crypto space threatens the approval of a Solana ETF in the U.S. This is because BlackRock holds a huge amount of influence in the financial and crypto ecosystem.</p>

First Solana ETF Goes Live in Brazil: Details

Table of Contents

U_Today

Other articles published on Aug 8, 2024

Ripple Wins Significant Victory Against SEC in Court

Bonk price drops 24% in 48 hours: Rebound Coming?

Shiba Inu In Danger Of Significant Sell Pressure Despite 588% Surge In Large Transactions

Bitcoin Whales Amass During Crash

As the price of Solana continues to rise, analytics are predicting a surge in these cryptocurrenc...

Hong Kong Police Arrest Four, Including 14-Year-Old, for Counterfeit Crypto Scam

Join our free newsletter for daily crypto updates!