Ripple is teaming up with Brazil’s largest fintech accelerator program, Fenasbac Next, to drive blockchain innovation in the country. The partnership aims to support projects building on the XRP Ledger for treasury management, asset tokenization, payments, and lending.
According to a July 30 press release, the collaboration will provide mentorship, resources, and investment opportunities to early-stage fintechs with high growth potential. Ripple will sponsor two companies developing scalable blockchain solutions for real-world financial challenges.
Managing Director of LATAM at Ripple, Silvio Pegado, said:
As a global leader in financial innovation, we believe Brazil provides an ecosystem that fosters both technology advancement and progressive policies in blockchain. We see Brazil’s forward-thinking approach as a catalyst for transforming financial services across international markets.
Additionally, the Innovation Director at Fenasbac, Rodrigo Henriques, highlighted the partnership’s significance in promoting blockchain technology and innovative solutions that benefit society. He expressed pride in Fenasbac’s role as a gateway to Brazil’s financial innovation ecosystem.
Brazil’s position in Ripple global strategy
This collaboration signifies Ripple and Fenasbac’s second joint effort, following their prior research projects with the UFRJ and Polkadot. These projects delved into creating blockchain interoperability solutions for DREX, Brazil’s digital currency, in partnership with the Central Bank of Brazil.
Ripple’s decision to invest in Brazil highlights the country’s strong developer community, advanced digital payment infrastructure, and practical approach to digital currency regulation. As a key player in the XRP Ledger, Ripple is dedicated to assisting global teams. It harness technology to enhance financial inclusivity and efficiency.
The collaboration between Ripple and Fenasbac Next marks a significant stride in propelling blockchain integration within Brazil’s fintech industry. Nevertheless, by merging Ripple’s expertise with Fenasbac’s localized insights and assets, the joint effort seeks to nurture innovative projects. It can potentially reshape the country’s financial landscape.
