Ripple Expands Digital Asset Business in Brazil and Plans to Apply for VASP License

Odaily News Ripple announced the expansion of its digital asset services in Brazil and plans to apply for a Virtual Asset Service Provider (VASP) license from the Central Bank of Brazil to be included in the country's cryptocurrency regulatory framework.

Currently, several Brazilian institutions have integrated with the Ripple network. Banco Genial uses the network to process same-day US dollar transfers; Braza Bank utilizes it for foreign exchange settlements and has issued a Real-backed stablecoin on the XRP Ledger; the fintech company Nomad leverages the network to settle fund flows between Brazil and the US using stablecoins. Furthermore, partners such as CRX and Justoken are utilizing Ripple's custody products to issue tokenized assets, covering real-world assets like commodities. (CoinDesk)