Ripple collaborates with Fenasbac to enhance blockchain and fintech innovation across Brazil, aiming to modernise the financial ecosystem.Ripple Forms Partnership to Boost Blockchain Adoption Across Brazil
This partnership focuses on using Ripple’s XRP Ledger for projects in treasury management, asset tokenisation, and more, supporting local startups.
Brazil, a leader in Latin American crypto activity, continues to evolve its regulatory framework, aiming to enhance the stability and integration of cryptocurrencies.
Ripple has just announced a collaboration with the National Federation of Associations of the Central Bank (Fenasbac) to advance the fintech innovation and blockchain technology in Brazil.
Fenasbac initially focused on offering financial services to Central Bank employees, but its role has changed since then. It is now responsible for financial and technological innovation including developing and managing innovation ecosystems like Lift and Next.
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Fenasbac works with Brazil’s Central Bank to improve the National Financial System, “making it more modern and competitive”, and “strengthening both the national and international financial ecosystems”.
Leveraging Blockchain to Solve Real-World Financial Problems
The partnership with Ripple will “leverage blockchain technology such as the XRP Ledger, a decentralized layer 1 blockchain built for business”, Ripple said in a statement.
As per the company’s press release, they will be the sponsor of two fintech companies which will use blockchain tech to develop solutions in “treasury management, asset tokenization payments, and borrowing and lending”.Ripple Forms Partnership to Boost Blockchain Adoption Across Brazil
The Managing Director of LATAM at Ripple, Silvio Pegado said that Ripple is excited about helping local start-ups use blockchain technology to tackle real-world financial problems.
Brazil and Crypto, a Turbulent Story
Latin America’s largest economy has seen an increase in crypto activity over the years, at times seeing a faster rise in trading volumes than the United States. While Argentina has a higher per capita ownership rate than Brazil, with 18.9% vs 11.9%, Brazil is the largest South-American holder of crypto in absolute terms.
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