Solana plans expansion into Brazil with $10 million investment
Solana's global expansion targets Brazil as a key growth market.
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The Solana Foundation plans to bring its ecosystem-building efforts to Brazil in 2023 through a substantial investment. The non-profit organization behind the Solana blockchain network declared intentions to inject over $10 million into Brazilian Web3 initiatives spanning tokenized assets, AI, and the arts.
“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,” said Diego Dias, Head of the Brazilian and Latam groups.
Under the expansion, Solana will sponsor the formation of a “superteam” in Brazil – similar to dedicated developer groups it has already backed in seven other countries. According to Dias, these superteams originated as decentralized autonomous organizations but now serve as worldwide extensions of the Foundation.
Beyond establishing a local team, Solana targets three critical areas for its Brazilian investments: tokenization, AI, and digital art. Through the expansion, the Foundation intends to put the Brazilian community at the forefront of innovation within the Solana ecosystem while diminishing its influence. Dias said empowering users to shape the blockchain’s future remains the goal as Solana spreads globally.
This expansion into Brazil coincides with Solana’s recent token appreciation. In 2023, SOL outperformed Ethereum in trading volumes on decentralized exchanges and had a staggering 700% increase in value.