Aiming For Brazilian Market, Solana Ready To Inject IDR 155.2 Billion Funds For Web3 Project Development

Solana will enter the Brazilian market for web3 development. (Photo; Doc. Portaldobitcoin)

JAKARTA - The Solana Foundation, a non-profit that supports the development of the Solana blockchain, announced plans for their expansion to Brazil by 2024. They will form a local team of experts in the arts, asset tokenization, and artificial intelligence (AI) to create applications over Solana's fast and cheap network.

According to a report from Portal do Bitcoin, the Solana Foundation will invest more than $10 million (IDR 155.2 billion) to support various projects in Brazil's Web3 ecosystem, namely blockchain-based internet ecosystem and decentralization. Brazil was chosen as one of Solana's strategic markets because it has great potential in terms of users, developers, and communities.

Diego Dias, head of the Brazilian and Latin American groups at the Solana Foundation, explained that this local team called "superteam" is part of global initiatives that have been carried out in various countries, such as India, Vietnam, and Russia.

According to the Coinspeaker report, the team will collaborate with the Solana Foundation to develop applications that take advantage of Solana's flagship features, such as transaction speeds of up to 50,000 per second, very low transaction fees, and compatibility with Ethereum.

"Our goal at the Solana Foundation is to empower our community to lead Solana's future. We want to involve talented and passionate local talents to create innovative solutions over Solana," Diego said.

Solana is one of the blockchains that experienced rapid growth in the past year. The SOL token, which is the cryptocurrency of Solana's network, experienced a price increase of more than 700 percent in 2023, from $1.51 (Rp 23.427) on January 1, 2023 to $12.22 (Rp 189,583) on December 31, 2023. Solana also managed to surpass Ethereum, the world's second largest blockchain, in terms of trading volume on the decentralized exchange (DEX) in the last week of December.

Solana's expansion to Brazil is expected to increase blockchain adoption and development in the country, which has more than 1.4 million crypto users. The Solana Foundation will also provide opportunities for more than 700 members and thousands of users who have participated in the Solana hackathon, namely blockchain-based application development competition, to gain financial and technical support.