Valour, a subsidiary of the publicly traded digital asset firm DeFi Technologies, has obtained approval to introduce a Solana exchange-traded product (ETP) in Brazil, providing local investors with regulated access to one of the largest cryptocurrencies by market cap as institutional interest in the area continues to grow.
The product, Valour Solana (VSOL), is set to commence trading on Wednesday following endorsement from Brazil’s primary stock exchange, Brasil, Bolsa, Balcão (B3 S.A.), as announced by DeFi Technologies on Tuesday.
The Solana (SOL) product will complement Valour’s growing array of Brazil-listed ETPs, which already includes offerings for Bitcoin (BTC), Ether (ETH), XRP (XRP), and Sui (SUI).
Similar to Valour’s other products in the country, VSOL will be denominated in Brazilian reais and aimed at tracking the performance of Solana, one of the most active layer-1 blockchain networks, within a conventional capital markets framework.
This launch signifies Valour’s broader strategy to extend beyond its core European markets, with Brazil becoming a focal point for its international expansion.
Related: Why Brazil is using Bitcoin as a treasury asset and what lessons other nations can draw
Brazilian crypto adoption accelerates
The adoption of digital assets in Brazil has been accelerating over the past few years, with the country ranking fifth globally in a recent Chainalysis report, trailing only India, the United States, Pakistan, and Vietnam.
Brazil achieved strong results across several categories, including retail use of centralized services, decentralized finance engagement, and institutional access.
A significant factor driving this growth has been the rise of stablecoin-based payment systems. Brazil’s central bank has recognized the prevalent use of stablecoins for payments, especially in cross-border transactions.
As Cointelegraph reported, this trend has facilitated local fintech firm Crown in securing capital for launching a real-denominated stablecoin aimed at institutional investors seeking exposure to Brazil’s fixed-income market.
Cryptocurrency exchanges have likewise played a role in the sector’s growth. Mercado Bitcoin, one of Latin America’s largest digital asset platforms, has recently shifted its focus toward tokenizing real-world assets, positioning itself to cater to institutional demand for blockchain-based financial solutions.
Related: Brazil classifies stablecoin payments as foreign exchange under new regulations
