Ripple taps Fenasbac to Enhance Brazilian Fintech Sector

US-based Ripple has announced a strategic partnership with the National Federation of Associations of Central Bank Servers (Fenasbac) to drive fintech innovation in Brazil. Known for its enterprise blockchain and crypto solutions, Ripple will collaborate with Fenasbac through the Next accelerator programme, aimed at developing scalable financial services using blockchain technology, specifically the XRP Ledger.

The Next accelerator programme, led by Fenasbac, provides mentorship, resources, and investment opportunities to early-stage fintech startups. Ripple will sponsor two startups within this programme, focusing on blockchain solutions for treasury management, asset tokenisation, payments, and lending. The initiative seeks to help these startups leverage blockchain technology to address real-world financial challenges.

Ripple’s team emphasised the importance of this partnership, expressing enthusiasm for continued collaboration with Fenasbac to support Brazilian startups in their blockchain endeavours. Brazil’s favourable ecosystem for technological advancement and progressive blockchain policies make it an ideal environment for financial innovation.

This partnership builds on previous research efforts conducted with the Federal University of Rio de Janeiro and Polkadot, exploring blockchain solutions for Brazil’s digital currency (DREX). Brazil has been chosen as Ripple’s first targeted investment country due to its advanced developer community and robust digital payments infrastructure. This focus on Brazil is part of Ripple’s broader strategy to invest in markets with high potential for blockchain technology adoption and innovation.

Fenasbac officials highlighted the significance of international partnerships in advancing blockchain technology and fostering innovative solutions for societal benefit. This collaboration with Ripple reinforces Fenasbac’s commitment to supporting fintech innovation and advancing blockchain technology in Brazil.