San Francisco-based blockchain company Ripple recently announced a new tie-up with Fenasbac in order to promote fintech opportunities in Brazil with the help of the Next accelerator program.

Notably, Ripple picked Brazil as its first company for targeted investment. The company has pointed to the country’s crypto-friendly regulatory environment as well as a strong community of developers as the main reason behind such a decision.

Next is the largest startup acceleration program in the financial sector in Brazil.

Some of the startups that are sponsored by Next include AmFi, LoopiPay, and Liber.

Ripple has already identified two fintech startups that it is going to support. Naturally, the company targets those companies that are seeking to utilize the XRP Ledger.

Ripple has long had a strong presence in Brazil. As reported by U.Today, it set up a separate branch in the country that served as a springboard for its expansion in Latin America.

In April, Ripple president Monica Long spoke about how crypto has affected the financial landscape in Latin America.

Back in May, Ripple also announced a $100,000 donation to the victims of the Brazil floods.