Ripple and Fenasbac Announce Strategic Partnership to Enhance Blockchain Ecosystem in Brazil

• Ripple and Fenasbac are partnering to drive fintech innovation in Brazil through the Next accelerator program, focusing on blockchain solutions.
• The collaboration will sponsor two fintech startups, leveraging XRP Ledger for treasury management, asset tokenization, payments, and lending.

As per Ripple press release on July 29, 2024, Ripple, a pioneer in enterprise blockchain and crypto solutions, has teamed up with Fenasbac, the National Federation of Associations of Central Bank Servers, to drive fintech innovation in Brazil through the Next accelerator program. This partnership follows the recent report by CNF that Ripple launched a fund in Brazil to back projects using the XRP Ledger, boosting blockchain innovation.

This newly established partnership focuses on developing scalable financial services utilizing blockchain technology, particularly the XRP Ledger, a decentralized blockchain built for business.

As the largest in Brazil’s financial sector, Fenasbac leads the Next accelerator program, offering mentorship, resources, and investment opportunities to promising early-stage fintechs. Ripple will sponsor two fintech startups in the program, focusing on blockchain solutions for treasury management, asset tokenization, payments, and lending. Silvio Pegado, Ripple’s Managing Director of LATAM, stated,

We are excited to continue our partnership with Fenasbac and empower Brazilian startups leveraging blockchain technology to address real-world financial challenges. As a global leader in financial innovation, we believe Brazil provides an ecosystem that fosters both technology advancement and progressive policies in blockchain.

This collaboration builds on previous joint research with the Federal University of Rio de Janeiro and Polkadot, exploring blockchain solutions for Brazil’s digital currency (DREX). Brazil is Ripple’s first targeted investment country, chosen for its advanced developer community and robust digital payments infrastructure. Rodrigo Henriques, Fenasbac’s Innovation Director, emphasized the importance of international partnerships, saying,

Partnerships such as with Ripple reinforce our commitment to boosting blockchain technology and fostering innovative solutions that benefit society as a whole.

Furthermore, CNF revealed that to help projects utilizing XRP Ledger in Brazil, Ripple opened a local fund. The 4.48% increase in the XRP price in a single day indicates a bullish tendency. According to CoinMarketCap data, Ripple (XRP) is trading at $0.6534, surged by 9.42% in the past day and 9.81% in the past week, as shown in the XRP price chart below.