TechFlow News: On March 17, according to CoinDesk, Ripple announced the 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.
Currently, several Brazilian institutions have integrated with the Ripple network. Banco Genial uses the network to process same-day USD transfers; Braza Bank employs it for foreign exchange settlements and has issued a real-backed stablecoin on the XRP Ledger; and fintech company Nomad leverages the network to settle cross-border fund flows between Brazil and the United States using stablecoins. Additionally, partners such as CRX and Justoken are utilizing Ripple’s custody solutions to issue tokenized assets—including real-world assets such as commodities.
