Brazilian-based financial services company Vert has launched its blockchain based platform on the XRP ledger in a bid to effectively manage a private credit facility, as per an announcement by Ripple on Wednesday.
Created in 2016, Vert is a financial services company focused on capital structuring, securitization, fund management, and administration.
The new platform will help record the company’s transactions relating to its securitization and fund management activities. The first transaction recorded was the issuance of an Agricultural Receivables Certificate (CRA) valued at BRL 700 million. These certificates track future cash flows in the agri business and package them into an investment product.
“We are enabling operation events to be recorded in the most granular way possible, ensuring traceability and transparency with event records increasingly closer to the moment they occur, approaching real time,” said Director of Digital Assets, Gabriel Brega.
“Agribusiness plays an essential role in Brazil’s economy, and improving how credit is structured and tracked in this sector is a meaningful advancement,” said Ripple’s managing director for LATAM, Silvio Pegado.
Vert has plans to further grow the platform to cover $500 million worth of structured credit operations.
Source: Google Finance
XRP shares were trading at $3.24 at the time of reporting, down by 8.62%