Ripple, a leading provider of blockchain and cryptocurrency solutions, has expanded its partnership with the National Federation of Associations of Central Bank Servers (Fenasbac) to accelerate the adoption of XRP Ledger technology in Brazil.
This collaboration aims to develop innovative financial solutions that leverage the XRP Ledger network, promoting greater efficiency and inclusivity in the financial system.
Fenasbac, a prominent organization with over 50 years of experience, has evolved from offering financial services to Central Bank employees to becoming a leader in financial innovation.
Its Next accelerator program, the largest in Brazil’s financial landscape, provides emerging fintech firms with resources, mentorship, and investment opportunities to drive growth.
Through this program, Ripple will fund two fintech companies that utilize XRP Ledger to develop scalable blockchain-based solutions for various applications, including asset tokenization, payments, treasury management, and lending and borrowing.
This partnership marks the second phase of collaboration between Ripple and Fenasbac, building on their previous joint research efforts with Polkadot and the Federal University of Rio de Janeiro. These initiatives focus on exploring blockchain interoperability solutions for Brazil’s digital currency (DREX) in collaboration with the country’s central bank.
Brazil has emerged as a prime location for Ripple’s targeted investment due to its robust developer community, progressive digital currency policies, and advanced payment infrastructure.
Silvio Pegado, Ripple’s Managing Director for LATAM, expressed enthusiasm for extending the collaboration with Fenasbac, citing Brazil’s conducive environment for technological innovation and forward-thinking blockchain policies.
Rodrigo Henriques, Innovation Director at Fenasbac, emphasized the organization’s commitment to advancing blockchain technology and promoting solutions that positively impact society. He highlighted Fenasbac’s role as a gateway to Brazil’s financial innovation landscape and its dedication to engaging with the global market.
As a key contributor to the XRP Ledger, Ripple continues to support global teams that utilize the XRP blockchain to develop solutions that create a more efficient and inclusive financial system. Earlier this month, Ripple opened applications for emerging firms in Japan and Korea that leverage XRP Ledger to seek grants.
The expanded partnership between Ripple and Fenasbac underscores their shared commitment to driving innovation in Brazil’s financial sector. By supporting startups and developing scalable blockchain-based solutions, they aim to revolutionize financial services on a global scale.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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