Ripple’s New Fund Sparks Blockchain Innovation in Brazil

• 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.

Recently, the cryptocurrency services and payments business Ripple announced a local fund to assist projects utilizing the XRP Ledger, the XRP asset blockchain, in Brazil. With Brazil being receptive to blockchain projects, Julia Heitner, Program Manager of the XRPL Grants program, said that this approach would be used there initially.

Blockchain Company Ripple Opens Fund Particularly to Brazil for XRP Ledger Projects

Observing the growth potential in Latin American nations, there are more cryptocurrency startups. Ripple, the cryptocurrency solutions firm, recently announced a local fund to promote Brazil-based projects using the XRP Ledger (XRPL), XRP’s blockchain, as a tool to increase their functioning. With this effort, Ripple demonstrates its dedication to supporting innovation in developing nations.

Brazil was chosen, Julia Heitner said, because of its strong digital payment infrastructure, advanced developer ecosystem, and proactive public regulations on the tokenization of financial markets. These elements position Brazil as a strong contender for blockchain projects and possible future expansion.

Projects requesting XRPL funding can typically get between $10,000 and $200,000. The business did not disclose the amount set aside for this pilot fund. The website of the XRPL grants makes clear that developers who have previously finished a project of a similar nature are usually the ones to receive rewards of $100,000 or more.

As part of this effort, two Brazilian teams—Goassets and Cointimes—have been chosen for support. With the XRP Ledger, Goassets is creating a white-label asset tokenization platform.

Cointimes is building a service to speed up blockchain-based micropayments in return for doing a number of chores, including evaluating products, viewing ads, and making certain purchases.

Previously Funded Projects Based in Brazil

The XRPL Grants program has previously provided funding for projects centered in Brazil. Prior projects supported include XRPL Elixir, Thingsgo.online, Cryptum, and Amora. These initiatives use the XRP Ledger in a number of ways, such as enabling blockchain interaction with other projects and rewarding tokens for environmentally friendly behavior.

Market performance of XRP

CoinMarketCap data shows that the price of XRP at the moment of writing is about $0.5348, up 4.48% from the previous day. At 5.93% overall, this spike suggests a bullish tendency for the previous seven days.

Meanwhile, following reports from Crypto News Flash, it was pointed out that the Ripple case will have a public Zoom hearing on May 30. A lot of people in the cryptocurrency industry are looking forward to this.