The cryptocurrency XRP supplanted BNB as the fourth largest in market cap, as Ripple, the company most closely linked to XRP, announced that it would be expanding in Brazil. As of Wednesday morning, XRP’s market cap was at about $93 billion, whereas BNB’s market cap was closer to $92 billion.
“Latin America has always been a priority market for Ripple — not just because of the scale of the opportunity, but because Brazil has built one of the most advanced and forward-thinking financial ecosystems in the world,” said Monica Long, president at Ripple, in the statement. “We’ve spent more than a decade building the trust, licensing, and technology required to operate in regulated markets.”
The company, run by CEO Brad Garlinghouse, helps financial institutions send money internationally via the XRP ledger. Ripple and XRP have a long history: when the cryptocurrency was created in 2012, the company was given about 80% of its total supply.
