Ripple Launches Local Fund to Support XRP Ledger Projects in Brazil
In a move to support projects utilizing the XRP Ledger in Brazil, Ripple, the cryptocurrency services and payments company, has announced the establishment of a local fund. The company aims to promote the use of the XRP Ledger (XRPL) as a blockchain tool for enhancing the functionality of Brazil-based projects. With the Latin American region showing great potential for growth in the cryptocurrency industry, Ripple’s decision to focus on Brazil demonstrates its commitment to fostering innovation in developing nations.
Julia Heitner, Program Manager of the XRPL Grants program, explained that Brazil was chosen as the initial target for the fund due to its robust digital payment infrastructure, advanced developer ecosystem, and proactive public regulations on financial market tokenization. These factors make Brazil a prime candidate for blockchain projects and potential future expansion.
The XRPL fund typically provides funding ranging from $10,000 to $200,000 for projects requesting support. Although the exact amount allocated for this pilot fund was not disclosed by Ripple, the XRPL grants website states that developers who have previously completed projects of a similar nature are often awarded $100,000 or more.
As part of this initiative, two Brazilian teams, Goassets and Cointimes, have already been selected to receive support. Goassets is utilizing the XRP Ledger to create a white-label asset tokenization platform, while Cointimes is developing a service that facilitates faster blockchain-based micropayments in exchange for various tasks, such as product evaluations, ad views, and specific purchases.
Ripple’s XRPL Grants program has previously funded several projects in Brazil, including XRPL Elixir, Thingsgo.online, Cryptum, and Amora. These initiatives leverage the XRP Ledger in different ways, such as enabling blockchain integration with other projects and incentivizing environmentally friendly behavior through token rewards.
In terms of market performance, data from CoinMarketCap shows that the price of XRP is currently around $0.5348, representing a 4.48% increase from the previous day. This surge of 5.93% over the past seven days indicates a bullish trend for XRP.
In other news, there will be a public Zoom hearing for the Ripple case on May 30, which has generated significant anticipation within the cryptocurrency industry.