Regulation
Ripple Bets Big on Brazil — TradingView News
Ripple, a San Francisco-based blockchain company, recently announced a new partnership with Fenasbac to promote fintech opportunities in Brazil with the help of the Next accelerator program.
Ripple notably chose Brazil as its first investment target. The company highlighted the country’s crypto-friendly regulatory environment and strong developer community as the main reasons for such a decision.
Next is the largest startup acceleration program in the financial sector in Brazil.
Some of the startups sponsored by Next include AmFi, LoopiPay and Liber.
Ripple has already identified two fintech startups that it will support. Naturally, the company is targeting businesses that are looking to use the XRP ledger.
Ripple has long had a strong presence in Brazil. As reported by U.Today, it set up a separate branch in the country that served as a springboard for its expansion into Latin America in 2019.
In 2022, the company also announced the launch of a new On-Demand Liquidity Corridor, introduced in partnership with Travalex.
In April, Ripple CEO Monica Long explained how crypto has affected the financial landscape in Latin America.
In May, Ripple also announced a $100,000 donation to flood victims in Brazil.
A new regulatory framework
In May, Brazil’s central bank announced that it would be able to introduce a comprehensive regulatory framework for digital assets later in 2024.
The central bank was granted authority over cryptocurrency regulation in 2022. Its public consultation on cryptocurrency regulation ended in January.