XRP Ledger starts carrying fund records from Brazil operator overseeing $4 trillion
The regulated operator is mirroring ownership of selected investment funds on XRPL while keeping its existing database as the official record.
A Brazilian financial-market operator responsible for more than 22 trillion reais of registered assets, roughly $4 trillion, has begun putting records for investment funds run by BTG Pactual, Latin America's largest investment bank, onto the XRP Ledger.
CSD BR, which operates regulated registration, securities-depository and settlement systems in Brazil, will use the public blockchain as a second record of who owns shares in selected BTG Pactual investment funds, per a release shared with CoinDesk.
A depository keeps the official list of who owns which securities. When an investor buys into a fund, the depository updates its records, while the banks acting for investors keep books of their own and regularly check them against the depository's to make sure the two agree.
Anyone can read those token movements on XRP Ledger, but CSD BR still controls who is allowed to own and transfer them.