Ripple Takes Over Brazil: Inside the Massive Institutional Expansion and VASP Application

Ripple announced earlier today that it has significantly enhanced its presence in Brazil by incorporating some of its key features in the local market, including cross-border payments and digital asset custody.

The company’s President highlighted the importance of the Latin American market and praised Brazil for its rapidly developing financial ecosystem.

Ripple Doubles Down in Brazil

The statement published on March 17 reads that Ripple has now become the “only solution in the region capable of serving institutions across the full spectrum of financial needs – from cross-border payments and digital asset custody to prime brokerage and treasury management.”

The firm has also applied for a Virtual Asset Service Provider (VASP) license with the country’s central bank. The move comes after Brazil introduced its cryptocurrency regulatory framework and aims to reinforce Ripple’s “compliance-first approach” that has guided its global operations for over a decade.

After outlining the significance of the Latin American market, Ripple President Monica Long added that “Brazil has built one of the most advanced and forward-thinking financial ecosystems in the world.”

Brazilian Institutions Tapping Ripple Payments

The announcement explained that Ripple Custody will bring “bank-grade security, real-time compliance controls, and flexible deployment options to regulated institutions in the region.” Some of those include CRX and Justoken.

In the meantime, Ripple Payments, the end-to-end solution for moving money across borders with over $100 billion in processed volume globally, works with Banco Genial, Braza Bank, Nomad, Azify, ATTRUS, and Frente Corretora.

The company also said that its enterprise-grade stablecoin, RLUSD, has gained “significant traction” in the LATAM region, as institutions look for “trusted, regulated, digital dollar infrastructure.” RLUSD’s market cap has grown past $1.5 billion in less than 18 months after its launch.

The stablecoin has been adopted in Brazil by some of the most prominent exchanges and fintechs, including Mercado Bitcoin, Foxbit, Ripio, Braza Bank, Banco Genial, and others.

Ripple’s big move in Brazil follows similar developments in other regions. It began with a major announcement about an Australian financial license application, followed by a partnership focused on the North American markets.

The post Ripple Takes Over Brazil: Inside the Massive Institutional Expansion and VASP Application appeared first on CryptoPotato.