Blockchain payments firm Ripple Labs Inc. and its developers have launched the Brazil Fund as it looks to foster the development of XRP Ledger (XRPL) in the country. The company revealed that Brazil comes off as the first country it is announcing a major fund to support its local tech ecosystem.

Powering the Ripple XRP Ledger Hub

According to the firm, Brazil has showcased a promising trend toward blockchain innovation. This promise is showcased by the government’s active testing of various blockchain development programs through the Banco Central do Brasil (BCB)’s regulatory Sandbox.

Joining this strong development and regulatory foundation, Ripple said it has already allocated grants to two startups building on the XRP Ledger. The first startup is goAssets, a firm that has created compliant product aimed at tokenizing real-world assets.

The tokenization scene is heating up with many projecting it as the new frontier for blockchain technology. At the moment, BlackRock is looking to capitalize on this path with the launch of a yield bearing stablecoin on Ethereum. The firm’s convictions regarding tokenization was raised higher when it led the $47 million investment in Securitize earlier this month.

Besides BlackRock, other major banks and even the memecoin project Floki has joined the tokenization bandwagon. This positions the Ripple-backed goAssets as a likely pioneer in this growing niche.

Ripple said it is also backing Cointimes, an x-to-earn browser plug-in that sends users blockchain-based micropayments for ad views, product demos and purchases. The duo of goAssets and Cointimes joins previously backed XRP Ledger outfits including Cryptum and Amora.

Creating a Bright Future on XRP Ledger

The XRP Ledger is a highly functional Layer-1 blockchain whose capabilities are yet to be fully harnessed. The protocol still lags behind its core rivals like Ethereum (ETH), Solana (SOL) and Cardano (ADA) in terms of smart contracts functionalities.

With the help of Ripple Developers and the community, the XRP Ledger is looking to change the narrative. Besides the grand introduction of smart contract functionalities through Hooks, it has continued to welcome important sidechains. One of the legacy sidechains is Xahau, however, Ripple and Evmos are working to launch a new alternative in the coming months.

With scalability serving as its key advantage, through the Brazil Fund, Ripple is optimistic it can drive the growth of the blockchain with innovators from Latin America.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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