Solana Foundation Expands Its Reach to Brazil, Investing $10 Million in Web3 Ventures
In Brief
The Solana Foundation is making strides to establish a stronger foothold in Brazil, forging a local superteam and committing $10 million across various Web3 sectors.
The Solana Foundation This year, Solana Foundation has revealed its intentions to broaden operations in Brazil, which includes forming a dedicated local team and channeling investments into various Web3 domains. The organization plans to introduce a specialized unit, or 'superteam,' which will concentrate on creating applications on the Solana blockchain while leveraging its cost-effective transaction fees and impressive scalability.
Initially conceptualized as decentralized autonomous organizations (DAOs), these superteams have evolved to become vital branches of the Solana Foundation in diverse regions worldwide. Currently, the concept has taken root in eight nations, with Brazil joining Mexico as the second country in this global initiative. Latin America with this official Solana presence.
The newly established superteam aims to allocate upwards of $10 million towards several sectors of the Brazilian Web3 landscape, including art, asset tokenization, and advancements in artificial intelligence.
In its expansion plans for 2024, Solana Brazil has been singled out as a key market for Solana, with a focus on these sectors driving its investment strategy.
Web3’s Ascendance in Brazil
In Brazil In the dynamic realm of Web3, new technologies are emerging as a game-changing presence, revolutionizing how people interact and engage in the digital arena. businesses engage with the internet.
A survey A recent survey by Consensys examining the landscape of Web3 in Brazil found that 41% of the population either possesses or has previously owned digital assets. Moreover, statistics from the Brazilian Central Bank reveal a trend where more individuals are exploring digital assets compared to traditional stocks.
OKX, a cryptocurrency exchange and Web3 platform developer, has recently announced an expansion of its services in Brazil, featuring a local exchange and Web3 wallet.
Through its strategic initiative in Brazil, the Solana Foundation is poised to make a significant mark on the local Web3 scene, driving innovation via fresh investments.
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