Ripple, the payments-focused blockchain company closely associated with the XRP Ledger (XRP) network, is expanding its digital asset services in Brazil while preparing to apply for a license from the country’s central bank, a move that would place it within the country’s new crypto framework.
The company announced Tuesday that it is rolling out a broader set of services bringing together cross-border payments, digital asset custody, brokerage and treasury tools. He said the combined offering targets 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 from the Central Bank of Brazil (BCB), in accordance with the country’s crypto regulations.
“Latin America has always been a priority market for Ripple, not only because of the scale of the opportunities, but also because Brazil has built one of the most advanced and forward-thinking financial ecosystems in the world,” Monica Long, president of Ripple, said in a statement.
The company said several Brazilian businesses already use Ripple’s payment network and crypto services. Banco Genial, for example, handles same-day US dollar transfers, while Braza Bank uses the system for currency feeds and has issued a real-deal backed stablecoin on the XRP Ledger. Fintech Nomad and others use the network to move funds between Brazil and the United States and settle into stablecoins.
Ripple also offers its custody product in the country, aimed at institutions that need secure storage related to trading and tokenization. The company said partners such as CRX and Justoken use this setup to issue tokenized assets, including real-world assets such as commodities.
Brazil’s push comes as Ripple has rapidly grown through acquisitions, building services around digital asset trading and infrastructure. This included the $1.25 billion purchase of brokerage Hidden Road and the $1 billion purchase of corporate treasury business GTreasury. The company also issues a stablecoin in US dollars, the amount of 1.5 billion dollars. via its guard branch.
The company said it has processed more than 100 billion transactions across its payments ecosystem. Recently, Ripple launched a share buyback program that values the company at $50 billion.
