Ripple, the payments-focused blockchain company closely tied to the XRP Ledger (XRP) network, is expanding its digital asset services in Brazil as it prepares to apply for a license from the country’s central bank, a move that would put it under the country’s new crypto framework.
The company said on Tuesday it was rolling out a wider range of services that bundle cross-border payments, digital asset custody, brokerage and financial tools. The company said the combined product is aimed at banks and fintech companies looking to move funds across borders, hold cryptocurrencies and manage liquidity in one system.
The company said it also plans to apply for a virtual asset service provider (VASP) license from the Brazilian Central Bank (BCB) to comply with the country’s cryptocurrency regulations.
“Latin America has always been a priority market for Ripple, not only because of the size of the opportunity, but also because Brazil has built one of the most advanced and forward-thinking financial ecosystems in the world,” Ripple President Monica Long said in a statement.
The company said several Brazilian companies already use Ripple’s payment network and encryption services. For example, Banco Genial handles same-day USD transfers, while Braza Bank uses the system for FX flows and issues a physically-backed stablecoin on the XRP Ledger. Fintech Nomad and other companies use the network to move funds between Brazil and the United States and settle them in stablecoins.
Ripple is also promoting its custody product in the country, targeting institutions that require secure storage related to transactions and tokenization. The company said partners such as CRX and Justoken are leveraging the setup to issue tokenized assets, including real-world assets such as commodities.
Ripple’s expansion into Brazil comes as Ripple is rapidly expanding through acquisitions and building services around trading and digital asset infrastructure. These include the $1.25 billion acquisition of prime brokerage firm Hidden Road and the $1 billion acquisition of corporate finance business GTreasury. The company also issued a stablecoin worth $1.5 billion through its hosting agency.
The company said its payments ecosystem has processed more than 100 billion transactions. Recently, Ripple launched a stock buyback program that valued the company at $50 billion.
