Ripple Establishes Local Fund in Brazil to Support XRP Ledger Projects
Ripple, the cryptocurrency services and payments company, has recently launched a local fund to provide assistance to projects in Brazil that utilize the XRP Ledger, a blockchain platform for the XRP asset. Recognizing Brazil’s openness to blockchain initiatives, Julia Heitner, the Program Manager of the XRPL Grants program, stated that this approach will be initially implemented in the country.
Ripple’s Fund in Brazil Aims to Boost XRP Ledger Projects
There has been a noticeable increase in the number of cryptocurrency startups in Latin American countries, which has led Ripple, a cryptocurrency solutions firm, to establish a local fund specifically dedicated to supporting projects in Brazil that utilize the XRP Ledger (XRPL) blockchain to enhance their operations. This initiative underscores Ripple’s commitment to fostering innovation in developing nations.
Brazil was specifically chosen for this endeavor due to its robust digital payment infrastructure, advanced developer ecosystem, and proactive public regulations regarding the tokenization of financial markets. These factors make Brazil an ideal candidate for blockchain projects and potential future expansions.
Projects seeking XRPL funding can typically receive amounts ranging from $10,000 to $200,000. However, the exact amount allocated for this pilot fund has not been disclosed by the company. The XRPL grants website clarifies that developers who have previously completed similar projects are often the recipients of rewards exceeding $100,000.
Two Brazilian teams, Goassets and Cointimes, have been selected for support as part of this initiative. Goassets is utilizing the XRP Ledger to develop a white-label asset tokenization platform, while Cointimes is building a service that facilitates speedy blockchain-based micropayments in exchange for completing various tasks, such as product evaluations, viewing advertisements, and making specific purchases.
Previously Funded Projects in Brazil
The XRPL Grants program has already provided funding to projects based in Brazil. Some of the past supported initiatives include XRPL Elixir, Thingsgo.online, Cryptum, and Amora. These projects harness the capabilities of the XRP Ledger in various ways, such as enabling blockchain interoperability with other platforms and incentivizing tokens for environmentally-friendly actions.
XRP Market Performance
According to CoinMarketCap data, the current price of XRP is approximately $0.5348, reflecting a 4.48% increase from the previous day. This surge of 5.93% over the past seven days indicates a bullish trend in the market.
Additionally, it has been reported that the Ripple case will have a public Zoom hearing on May 30. This development has generated significant anticipation within the cryptocurrency industry.
