Ripple has launched a local fund in Brazil to support projects utilizing the XRP Ledger, a blockchain platform for the XRP cryptocurrency. The move comes as Latin American countries show increasing potential for growth in the cryptocurrency sector. Ripple’s decision to focus on Brazil is based on the country’s strong digital payment infrastructure, advanced developer ecosystem, and supportive regulations for tokenization in financial markets. The fund will provide funding ranging from $10,000 to $200,000 to projects requesting XRPL support. Two Brazilian teams, Goassets and Cointimes, have already been selected for assistance. Goassets aims to create a white-label asset tokenization platform using the XRP Ledger, while Cointimes is building a service to facilitate blockchain-based micropayments. The XRP price has experienced a 4.48% increase in a single day, indicating a bullish trend. The Ripple case is set to have a public Zoom hearing on May 30, generating anticipation within the cryptocurrency industry.
