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.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io

More articles
Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io

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