In a major move for its global operations, Solana is reportedly planning a massive $10 million expansion into Brazil. The Solana Foundation has targeted the South American country as a key growth area. Moreover, that is proven by the massive investment that the firm is planning in the country.
Diego Dias, Solana’s Head of the Brazilian and Latam Grops, noted the firm’s intention to empower the growth of a Web3 ecosystem in the country. Subsequently, the non-profit is set to infuse Brazil’s Web3 initiatives with the investment to build areas like tokenized assets, AI, and more.
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Solana Planning Web3 Investment Into Brazil
The past year has certainly been one defined by its growth in the digital asset sector. A host of networks and tokens have seen regulatory action taken across the globe. Moreover, these entities have explored various expansive efforts to increase the presence of Web3 technology worldwide.
That is continuing today, as Solana has announced it is planning a $10 million expansion into Brazil. Specifically, the non-profit organization is set to inject Brazilian Web3 projects with the funds. Subsequently, it should bring about a new development in the country’s ecosystem.
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“Our intention at the Solana Foundation is to have a diminishing influence on the ecosystem and empower our community to lead the future of Solana,” Dias stated. Moreover, they noted that the investment will see Solana sponsor a “superteam” in Brazil. Moreover, the development team will be similar to what the foundation has already formulated in seven other countries.
Dias stated that the superteams began as decentralized organizations, but now operate as worldwide extensions of the Solana Foundation. For Brazil, this investment is set to equip local developers in ways that should bear increased fruit for its Web3 development. Subsequently, it should continue the great work Solana is doing on an international level.