Odaily Planet Daily reports that Ripple has announced an expansion of its digital asset services in Brazil and plans to apply to the Central Bank of Brazil for a Virtual Asset Service Provider (VASP) license to comply with the country’s cryptocurrency regulatory framework.
Several Brazilian institutions have already integrated with the Ripple network. Banco Genial uses the network to process same-day USD transfers; Braza Bank utilizes it for foreign exchange settlement and has issued a real-backed stablecoin on the XRP Ledger; and fintech company Nomad leverages the network to settle fund transfers between Brazil and the U.S. using stablecoins. Additionally, partners such as CRX and Justoken are using Ripple’s custodial solutions to issue tokenized assets, including real-world assets like commodities. (CoinDesk)