Solana Foundation to allocate $10,3 million to support blockchain projects in Brazil

Investments will be directed to projects in the field of tokenization and AI

04.01.2024 - 15:25

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What’s new? Solana Foundation, a non-profit organization responsible for developing the Solana blockchain ecosystem, has announced that it is expanding its operations in Brazil. With 50 million Brazilian reals ($10,3 million) allocated for the initiative, the foundation will form a local team that will focus on supporting projects in the field of tokenization, art, and artificial intelligence.

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What else is known? Solana is expanding the global presence of its ecosystem by launching local Superteam communities that lead initiatives in learning and hands-on application and service development and operate in a decentralized autonomous organization (DAO) format. The Brazilian arm will be led by Diego Dias, who also leads the Latin America region at the Solana Foundation.

Dias emphasized that the Solana Foundation aims to reduce its impact on the ecosystem and let the community lead Solana’s development.

Over the past year, the native token SOL has grown from $9,96 to $101,33 and climbed from sixth to fifth place in the overall cryptocurrency ranking by market capitalization. By the end of December, Solana had overtaken the Ethereum blockchain in popularity on Google. The number of active Solana addresses updated the maximum at 15,6 million/month.