This is the first product in Brazil and is notable as one of the first Solana-based exchange-traded products (ETPs) worldwide.

The first Solana-based product was launched on the SIX Swiss Exchange in June 2021 by Switzerland-based investment product provider 21Shares.

The Solana-based ETF is currently in the pre-operational stage, which means the product has not yet been approved by the local exchange B3.

This stage involves performing the necessary evaluations to determine whether the product complies with Brazilian stock market standards.

The product approval process involves exchange regulators reviewing whether the product meets criteria such as transparency, security and compliance with market standards. Once this process is completed, the product can be officially launched.

Local news outlet Exame noted that the Solana-based ETF will follow the CME CF Solana Dollar Reference Rate created by CF Benchmarks with the support of the Chicago Mercantile Exchange (CME). This shows that the product complies with international financial standards and the market data set is wide.

CME CF Solana Dollar Reference Rate is a benchmark used to ensure that the value of Solana-based assets is accurately reflected, offering investors a more transparent and reliable investment tool.

Brazilian asset manager QR Asset will offer the ETF, and Vortx, a fintech company focused on local capital markets, will serve as the ETF’s manager. According to QR Asset’s manager and chief investment officer, Theodoro Fleury, he reiterated the ETF’s commitment to providing quality and diversified products to Brazilian investors.

“This ETF reaffirms our commitment to providing quality and diversified products to Brazilian investors,” Fleury said. “We are proud to reinforce Brazil’s position as a leading market for regulated investments for crypto assets,” he said in a statement. This statement highlights QR Asset’s commitment to crypto assets and financial diversification and its role in Brazil’s international investment market.

Brazil has been fertile ground for ETFs. It listed a Bitcoin ETF and an Ethereum ETF on the B3 exchange between 2021 and 2022. It also began offering BlackRock’s iShares Bitcoin Trust ETF (IBIT) in March 2024.

These products demonstrate Brazil’s interest in crypto assets and digital finance products and the diversity it offers in the market. Brazil’s achievements in this area also reflect the country’s advanced regulatory infrastructure for crypto assets and digital investment products.

In July, Cboe asked the SEC to allow asset managers VanEck and 21Shares to introduce a Solana-based ETF to the market. However, this request has not been approved so far.

This indicates that Solana-based products have the potential to gain wider acceptance in global markets, but regulatory approval processes may take time. Brazil’s advances in this area support the potential for Solana-based products to find a broader international market in the future.