Ripple steps up push into Brazil…applies for VASP license and expands institutional services

Ripple is stepping up its expansion in Brazil, moving to strengthen its foothold across Latin America. The strategy combines regulatory licensing applications with a broader rollout of comprehensive financial services for institutions.

According to CryptoPotato, a digital-asset (cryptocurrency) news outlet, Ripple said on the 17th that it is expanding its local business by introducing key services in Brazil such as cross-border payments and digital-asset custody.

Ripple has applied to Brazil’s central bank for a Virtual Asset Service Provider (VASP) license. The move follows Brazil’s recent introduction of a regulatory framework for digital assets, and Ripple stressed an expansion strategy grounded in regulatory compliance.

Ripple said the expansion has made it the only platform in the region capable of offering an integrated suite of institutional financial services, including cross-border payments, custody, prime brokerage and treasury management.

Partnerships with local financial institutions are also expanding. Ripple’s payments solution is working with Banco Genial, Braza Bank and Nomad, while its custody service is being linked with CRX and Justoken.

Ripple’s stablecoin RLUSD has also been spreading rapidly across Latin America, with its market capitalization surpassing $1.5 billion about 18 months after launch. In Brazil, major exchanges and fintech firms including Mercado Bitcoin, Foxbit and Ripio have adopted RLUSD.

Ripple has previously pursued regulatory approvals and expanded partnerships in Australia, the US and Canada, and the Brazil push appears to be accelerating its global drive into the institutional market.