The Solana Foundation which is the institution in charge of managing initiatives related to the Solana network, has announced it will expand to Brazil. According to local reports, the organization plans to launch a local team and invest over $10 million in several Web3 fields, including tokenization, artificial intelligence, and art.

Solana Foundation Announces Expansion to Brazil

Solana is in the middle of expanding its reach into Brazil. The Solana Foundation, the non-profit institution that supports Solana-related initiatives, has announced that it will launch in Brazil this year, opening a local group and different investments in several Web3 fields.

According to local reports, the organization will launch a “superteam” in Brazil, a group dedicated to developing apps on top of the Solana blockchain, taking advantage of its low fees and scalability. The foundation has implemented these groups in seven countries and Brazil, providing paid work and opportunities for 700 members and thousands of users who participated in Solana’s hackathons.

The organization reported it will invest over $10 million in different areas of the Brazilian Web3 ecosystem, including art, tokenization of assets, and artificial intelligence (AI). Solana saw Brazil as one of its priority markets for expansion in 2024, choosing these areas as interest fields for core investments.

Diego Dias, the head of the Brazilian and Latam group, states that these superteams started as decentralized autonomous organizations (DAOs), having morphed as an extension of the Solana Foundation in different parts of the world.

Diego stated that the interventions’ objective is to put the community at the forefront of the growth and innovation in Solana. He explained:

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.

SOL, the token of the Solana network, experienced dramatic growth last year, surpassing Ethereum in volumes traded in decentralized exchanges the last week of December and having increased its price by over 700% in 2023.