Ripple partners with CSD BR to bring XRP Ledger into Brazil's securities market

Ripple has partnered with CSD BR to bring the XRP Ledger into Brazil's regulated financial infrastructure for the first time. Ripple said Tuesday that CSD BR will start using the ledger to record and audit financial assets, beginning with BTG Pactual investment fund shares. CSD BR will retain full control of registration, deposit and settlement. The ledger will provide a second layer for checking records in near real time. CSD BR oversees more than BRL 22 trillion, roughly $4.3 trillion, in registered assets. The fund shares will use Ripple's tokenization standard and be mirrored on the XRP Ledger. Access will remain limited to banks and corporate clients in Brazil that undergo standard know-your-customer and anti-money-laundering checks. CSD BR can freeze assets or reverse transactions when ordered by regulators or courts. CSD BR Head of Products and Clients Daniel Polano Spreafico said the depository chose record mirroring as the safest way to introduce the technology into critical market infrastructure. Ripple Managing Director for Latin America Silvio Pegado called the partnership a milestone that moves distributed ledger technology beyond pilots into live record-keeping in a national capital market. The plan calls for native asset issuance and trading after the mirroring phase is validated. Real Estate and Agribusiness Receivables Certificates are under consideration for that expansion. BTG Pactual Partner Luis Furtado said the deal lets the bank apply blockchain to the fund market while preserving existing processes and the official asset record. XRP was up 1.5% Wednesday and remained within a symmetrical triangle that has compressed its price since July. XRP's lower highs from an August peak near $1.70 have met higher lows from a $1 base. XRP held above every major exponential moving average, while its relative strength index stood at a neutral 57.90 after retreating from an overbought August reading. The article identifies $1.70 as the next major target and the 20-day exponential moving average at $1.46 as immediate support.