Regulation
Ripple Bets Big on Brazil — TradingView News
San Francisco-based blockchain company Ripple recently announced a new partnership with Fenasbac to advance fintech opportunities in Brazil with the help of its Next accelerator program.
Notably, Ripple chose Brazil as its first company for a targeted investment. The company cited the country’s crypto-friendly regulatory environment and strong developer community as the main reasons for this decision.
Next is the largest startup acceleration program in the financial sector in Brazil.
Among the startups sponsored by Next are AmFi, LoopiPay and Liber.
Ripple has already identified two fintech startups that it will support. Naturally, the company is targeting those businesses looking to use the XRP Ledger.
Ripple has long had a strong presence in Brazil. As U.Today reported, it created a separate subsidiary in the country that served as a launchpad 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 President Monica Long spoke about how cryptocurrencies have impacted 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 by the end of 2024.
The central bank was granted authority over cryptocurrency regulation in 2022. Its public consultation on cryptocurrency regulation ended in January.