Coins hooked to ripples Ripple Skip Binance Binance Bank News broke that the financial services company is expanding its payment services in Brazil and plans to seek a local license to become the fourth-largest cryptocurrency by market capitalization.
XRP has been trending steadily over the past 24 hours, rising 8.5% last week and most recently changing hands at $1.51. On Monday evening, the coin hit $1.60 – its highest trading price in the last month.
BNB, on the other hand, fell 1.1% in the past 24 hours to a recent price of $668 and was only up around 2.7% in last week’s trading, allowing XRP to surpass it in terms of market capitalization.
XRP’s rise has also been accompanied by an increase in open interest, which has increased by $2.82 billion, a 33% increase in the past two weeks, according to CoinGlass data. When open interest increases, it can indicate new capital entering the derivatives market and increase trader confidence.
Meanwhile, payment services company Ripple, which has ties to the coin, is strengthening its commitment to new markets by expanding Ripple Custody in Brazil.
“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.
“Now, through our expanded platform, we can meet the needs of institutions across the region, providing them with everything they need to compete in the modern financial system,” she added.
The company has a long history with the South American country and has been gradually increasing its range of services over the years. The company’s solutions now provide financial services to the likes of Banco Genial and Braza Bank, processing same-day U.S. dollar payments, cross-border payments, and stablecoin settlement using its U.S. dollar-backed stablecoin RLUSD.
Ripple begins buying back shares at $50 billion valuation: Bloomberg
As part of its push, Ripple will apply for a virtual asset service provider (VASP) license through the Central Bank of Brazil, which the agency has spoken to “Institutional issues” as early as 2020.
In 2024, Ripple launches Its payment services in the country Via Brazilian cryptocurrency exchange Mercado Bitcoin. Institutions in Brazil will now have access to Ripple Prime and Ripple Treasury, the company’s premier brokerage and treasury management platform designed to provide companies in the region “A complete, modern financial stack built for the digital economy.
CEO Brad Garlinghouse said in February, XRP as its “North Star” Recently launched a share buyback program The company is valued at approximately $50 billion. Garlinghouse recently told supporters on a live broadcast that he believes the company is on track to be valued at $1 trillion.
