Brazil's CSD BR Begins Recording Fund Ownership on XRP Ledger

CSD BR, the regulated operator responsible for the registration, custody, and settlement of securities in Brazil, has initiated the recording of ownership for shares in specific investment funds managed by BTG Pactual on the public XRP Ledger. This move involves approximately 4 trillion US dollars in assets, as CSD BR oversees registered assets totaling over 22 trillion Brazilian Reais.

The existing database of CSD BR remains the official record for registration and settlement, with fund shares being represented in token form on the XRP Ledger. This blockchain integration is designed to enable approved banks and institutions to verify ownership changes in real-time, streamlining the verification process and reducing costs while maintaining necessary identity checks and regulatory controls.

The tokens will adhere to the multi-purpose token standard of the XRP Ledger, allowing issuers to impose restrictions on participants and manage transactions in compliance with regulatory or court requests. CSD BR retains control over who can hold and transfer these tokens, ensuring that participants undergo identity and anti-money laundering checks. This project marks a significant step forward, utilizing real fund records rather than test assets, and sets the stage for future collaborations between CSD BR and Ripple to explore direct asset issuance on the XRP Ledger.

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Source: KLEA News