Ripple Labs, a leading blockchain payments firm, has set up a new fund in Brazil to support XRP Ledger projects.
In its official statement, Ripple said Brazil would be the first country to benefit from this initiative, supporting the local tech industry. The company also acknowledged a growing trend towards blockchain innovation in the country.
Brazil Blockchain Projects To Benefit From Ripple’s New Fund
Brazil benefits from this fund due to the increased adoption of blockchain technology. The Brazilian government has been actively testing various blockchain development programs under the Banco Central do Brasil (BCB) regulatory sandbox.
According to the Program Manager of the XRPL Grants Program, Julia Heitner, Brazil was the fund’s first beneficiary because of a solid digital payment infrastructure, an established developer ecosystem, and a proactive effort to formulate regulations.
The projects that want to benefit from this funding will receive between $10,000 and $200,000. However, Ripple did not mention the entire amount set aside for the companies that want to benefit from the funding.
Ripple also notes that the projects that will get the most rewards, of more than $100,000, need to have created a similar project in the past.
Ripple said,
By working closely with partners on the ground, we have identified blockchain startups who have effectively found product-market fit and are ready to scale with the support of the XRPL Grants Brazil Pilot Program.
The blockchain company plans to accelerate the growth of the XRPL developer ecosystem in Brazil. Ripple has already selected two Brazilian projects, Goassets and Cointimes, to support the initiative.
Goassets seeks to tokenize physical assets through blockchain, while Cointimes is a blockchain-based initiative for paying website users for tasks like viewing ads.
Ripple (XRP) Posts Slight Gains
The recent development has seen Ripple’s native token, XRP, post an over 7% increase in the last 24 hours. XRP was trading at $0.543 as of 07:45 a.m. EST, according to CoinGecko.
Ripple (XRP) tends to gain depending on the developments in the Ripple ecosystem. The token is a bridge currency for developers seeking to create their Ripple blockchain offerings.
Besides the recent gains, XRP could also witness volatility towards the end of this month. This follows a Zoom hearing on May 30 to discuss its case with the US Securities and Exchange Commission (SEC) regarding the token being classified as a security.
