As Ripple remains keen to foster the adoption of blockchain technology across the global space, it has just revealed a major expansion of its services in Brazil.
The move follows growing institutional demand for blockchain-based financial services, positioning Ripple for more recognition while fostering the use of its associated cryptocurrencies, like RLUSD and XRP.
Ripple tops institutional crypto services
The San Francisco blockchain firm shared on its X page on Tuesday, March 17, that it is looking to expand crypto services for enterprises in the country.
According to Ripple, the adjusted services will include cross-border payments, digital asset custody, prime brokerage and treasury management.
Furthermore, Ripple explained that it is bringing these services together to provide banks, fintech firms and its institutional clients in Brazil with a complete financial technology stack built for both traditional finance and the digital space.
Ripple eyes license in Brazil
Ripple further revealed that it is planning to apply for a Virtual Asset Service Provider (VASP) license with the Central Bank of Brazil to boost its expansion plans.
Ripple President Monica Long revealed that the plan to expand to the Latin American region has been long-standing due to the region’s rapid financial innovation and growing adoption of blockchain technology.
According to Long, Brazil has developed one of the most advanced financial ecosystems globally. This makes it an important market and a suitable fit for Ripple’s long-term growth.
Following the expansion, Ripple Payments will enable institutions to send and settle funds across other countries using both fiat currencies and crypto assets like RLUSD.
