Ripple Unveils Brazil Fund for Supporting Local XRP Ledger Projects

Ripple, the cryptocurrency services and payments company, has recently unveiled a local fund to support Brazil-based projects using XRP Ledger, the XRP asset blockchain. Julia Heitner, Program Manager of the XRPL Grants program, stated that Brazil was the first country where this strategy would be implemented, given the nation’s openness to blockchain initiatives.

Ripple Launches Brazil-Specific Fund for Incubating XRP Ledger Projects

More crypto companies are watching the development potential in Latam countries. Ripple, the cryptocurrency solutions company, recently launched a local fund to support Brazil-based projects using the XRP Ledger (XRPL), XRP’s blockchain, as a tool to enhance their functionality.

Julia Heitner, manager for the XRPL grants program, stated that Brazil was the first country in which this local initiative would be implemented due to different factors favoring blockchain initiatives. These include “the country’s advanced developer ecosystem, sophisticated digital payments infrastructure, and forward-thinking public policy regarding the tokenization of capital markets.”

While the company did not specify the amount allocated for this pilot fund, normally projects applying for the XRPL grants can receive between $10,000 and $200,000. XRPL grants’ site clarifies that awards of $100,000 and greater are typically destined to be allocated to developers who have already completed a comparable project before.

Two Brazilian teams have been selected to be supported as part of this push: Goassets, developing a product that uses XRP Ledger as a vehicle to produce a white-label platform for tokenizing assets; and Cointimes, developing a service to expedite blockchain-based micropayments in exchange for completing several tasks like completing ad views, testing product, and making certain purchases.

This is not the first time the program has supported Brazil-based initiatives, as it has granted funds to four more projects before including Amora, Cryptum, Thingsgo.online, and XRPL Elixir. These projects leverage the XRP Ledger for different functions, from facilitating blockchain integration with other projects to rewarding sustainable actions with tokens.

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