On May 21st, cryptocurrency solution company Ripple recently launched a local fund to support Brazilian projects using XRP blockchain XRP ledger (XRPL) as a tool to enhance their functionality.

XRPL grant program manager Julia Heitner said that Brazil is the first country to implement this local initiative because there are various factors favorable to blockchain initiatives. These factors include "the country's advanced developer ecosystem, mature digital payment infrastructure, and forward-looking public policies on capital market tokenization."

Although the company did not specify the amount allocated to this pilot fund, projects applying for XRPL grants can typically receive funding ranging from $10,000 to $200,000. The XRPL grant website explicitly states that rewards of $100,000 or more are typically allocated to developers who have previously completed similar projects.