Ripple is expanding its cryptocurrency and payment services in Brazil, CoinDesk reported on March 17 local time.
Ripple plans to apply for a virtual asset service provider (VASP) licence from Brazil's central bank. The move reflects Brazil's new cryptocurrency regulatory framework. Ripple plans to provide cross-border payments, digital asset custody, brokerage and liquidity management services to financial institutions and fintech companies.
Ripple is working with several financial institutions in Brazil. Genial Bank is using the Ripple network to process same-day U.S. dollar remittances, and Braza Bank is using the Ripple system for foreign exchange transactions and stablecoin issuance. Fintech company Nomad supports fund transfers between Brazil and the United States and is carrying out stablecoin-based settlement.
Ripple is also strengthening its digital asset custody services. Through an enterprise custody solution, it supports Brazilian financial institutions in securely storing cryptocurrencies and trading tokenised assets.
Chi-gyu Hwang
delight@d-today.co.kr