Business News Report
January 04, 2024

Solana Foundation Announces Expansion to Brazil with a $10 Million Web3 Investment

In Brief

Solana Foundation will expand its presence to Brazil, establishing a local superteam and invest $10 Million across multiple Web3 sectors.

Solana Foundation Announces Expansion to Brazil, Targeting Web3 Ecosystem with a $10 Million Investment

The Solana Foundation announced plans to extend its operations to Brazil this year. The plan includes opening a local group and conducting various investments across multiple Web3 sectors. The company will introduce a specialized team – the “superteam” in Brazil that will focus on developing applications on the Solana blockchain, taking advantage of low fees and scalability. 

Originating as decentralized autonomous organizations (DAOs), Superteams evolved into extensions of the Solana Foundation in different parts of the world. Currently, the superteam is present in eight countries, and Brazil now joins Mexico as the only two countries in Latin America with this official Solana presence.

The newly formed team is set to allocate over $10 million in diverse areas of the Brazilian Web3 ecosystem, including fields such as art, tokenization of assets and artificial intelligence (AI). 

In its expansion plans for 2024, Solana identified Brazil as one of its priority markets, selecting these areas as fields of interest for core investments.

Web3’s Ascendance in Brazil

In Brazil, the Web3 ecosystem is rapidly emerging as a transformative force in the digital landscape. The adoption of decentralized technologies and blockchain principles is reshaping the way individuals and businesses engage with the internet.

A survey on Web3 perception conducted by Consensys reveals that 41% of Brazilians either currently own digital assets or have owned them in the past. Notably, the data from the Brazilian Central Bank indicates that more Brazilians have acquired digital assets than traditional equities.

Recently, cryptocurrency exchange and Web3 developer OKX announced the expansion of its services for users in the Brazilian market with a local cryptocurrency exchange and Web3 wallet platform.

In its strategic expansion into Brazil, the Solana Foundation is set to impact the local Web3 landscape and catalyze innovation through new investments.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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