Ripple, the payments-focused blockchain company closely associated with the XRP Ledger (XRP) network, is expanding its digital asset services in Brazil as it prepares to apply for a license with the country’s central bank, a move that would place it under the country’s new crypto framework.
The company said Tuesday that it is rolling out a broader set of services that combine cross-border payments, digital asset custody, brokerage and treasury tools. He said the combined offering is aimed at banks and fintechs that want to move money across borders, hold cryptocurrencies and manage liquidity in a single system.
It said it also plans to apply for a Virtual Asset Service Provider (VASP) license with the Central Bank of Brazil (BCB), in accordance with the country’s crypto regulation.
“Latin America has always been a priority market for Ripple, not only because of the scale of the opportunity, but because Brazil has built one of the most advanced and forward-thinking financial ecosystems in the world,” said Monica Long, president of Ripple, in a statement.
The firm said that several Brazilian companies already use Ripple’s payments network and crypto services. Banco Genial, for example, handles same-day US dollar transfers, while Braza Bank uses the system for currency flows and issued a real-backed stablecoin on the XRP Ledger. Fintech Nomad and others use the network to transfer funds between Brazil and the United States and settle stablecoins.
Ripple is also pushing its custody product in the country, aimed at institutions that need secure storage linked to trading and tokenization. The firm said partners such as CRX and Justoken are using the setup to issue tokenized assets, including real-world assets such as commodities.
Brazil’s push comes as Ripple has been expanding rapidly through acquisitions and creating services around digital asset trading and infrastructure. That included the $1.25 billion purchase of prime brokerage Hidden Road and the $1 billion purchase of corporate treasury business GTreasury. The company also issues a stablecoin in US dollars, all $1.5 billion. through its custodial arm.
The company said it has processed more than 100 billion in transactions across its payments ecosystem. Recently, Ripple initiated a share buyback program that valued the company at $50 billion.
