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Ripple is working with Brazil’s central securities depository CSD BR on a project to tokenize investment fund shares using the XRP Ledger, Bitcoin.com reported. More than 22 trillion reais worth of assets, or 5,730 trillion won, are currently registered with CSD BR, and the initial phase will focus on fund shares from Brazilian investment bank BTG Pactual.
The project will mirror ownership records for traditional financial assets on the XRP Ledger, while the fund-share tokenization will use the network’s Multi-Purpose Token standard.