According to U.Today, San Francisco-based blockchain company Ripple has announced a new partnership with Fenasbac to promote fintech opportunities in Brazil through the Next accelerator program. Ripple has chosen Brazil for its first targeted investment, citing the country's crypto-friendly regulatory environment and a strong community of developers as key reasons for this decision. Next is recognized as the largest startup acceleration program in Brazil's financial sector.

Ripple has already identified two fintech startups that it plans to support, focusing on those looking to utilize the XRP Ledger. The company has maintained a significant presence in Brazil, having established a separate branch in 2019 to facilitate its expansion in Latin America. In 2022, Ripple launched a new On-Demand Liquidity corridor in partnership with Travalex. Additionally, in April, Ripple president Monica Long discussed the impact of cryptocurrency on the financial landscape in Latin America. In May, Ripple announced a $100,000 donation to support victims of the Brazil floods.

Brazil's central bank is expected to introduce a comprehensive regulatory framework for digital assets later in 2024. The central bank was granted authority over crypto regulation in 2022, and its public consultation on cryptocurrency regulation concluded in January.