Ripple, the payments-focused blockchain company closely linked to the XRP Ledger network (XRP), 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 it is rolling out a broader set of services that bring together cross-border payments, digital asset custody, brokerage and treasury tools. It said the combined offering is aimed at banks and fintechs that want to move money across borders, hold crypto and manage liquidity in one system.
It said it also plans to apply for a Virtual Asset Service Provider (VASP) license with the Central Bank of Brazil (BCB), in line 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,” Monica Long, president of Ripple, said in a statement.
The firm said several Brazilian firms are already using 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 flows and issued a real-backed stablecoin on the XRP Ledger. Fintech Nomad and others use the network to move funds between Brazil and the US and settle in stablecoins.
Ripple is also pushing its custody product in the country, targeting 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 like commodities.
The push from Brazil comes as Ripple has rapidly expanded through acquisitions, building services around trading and digital asset infrastructure. That included the purchase of prime brokerage Hidden Road for $1.25 billion and the purchase of the group’s financial business GTreasury for $1 billion. The company also issues a stablecoin in US dollars, 1.5 billion via its custodial arm.
The firm said it has processed over 100 billion in transactions across its payments ecosystem. Recently, Ripple started a share buyback program that valued the company at $50 billion.
