- Ripple collaborates with Fenasbac to enhance blockchain and fintech innovation across Brazil, aiming to modernise the financial ecosystem.
- 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”.
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.
As a global leader in financial innovation, we believe Brazil provides an ecosystem that fosters both technology advancement and progressive policies in blockchain. We see Brazil’s forward-thinking approach as a catalyst for transforming financial services across international markets.
Silvio Pegado, Ripple 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.
Data from Triple A shows that out of 216 million Brazilians, 25.95 million are owners of cryptocurrencies. This puts Brazil in seventh place in terms of global crypto ownership just after the Philippines and ahead of Nigeria, two countries with high adoption rates and where a lot of remittances are via crypto.
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In March, just two months after the Spot Bitcoin ETF launch in the US, BlackRock’s iShares Bitcoin Trust ETF (IBIT) – the world’s most successful Bitcoin fund – started trading on local exchange B3.
Earlier in May, the country’s central bank announced plans to introduce a phased regulatory framework for cryptocurrencies by year-end. This multi-stage approach will include public consultations, enhancement of regulations for virtual asset service providers (VASPs), and internal planning for stablecoin regulations.
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