BRZ and the Solana Foundation have partnered to launch a fund of US$ 20 million, approximately R$100 million, to primarily finance projects on the Solana blockchain in Brazil. Those interested can register their projects on the website: solanafund.brztoken.io. The subject was widely reported in national media.
This is the largest funding initiative for projects related to the cryptocurrency sector that has ever occurred in Brazil. Unlike tropical Venture Capital funds, which look for businesses that have already done well, the fund will look for actual early-stage projects.
The capital injection is equivalent to that received by Brazilian martechs – marketing and technology companies – in the first two months of 2021. According to Solana, these new funds were set up to lead Brazil’s technological growth and development. Emerging countries are the ones that should benefit most from blockchain applications.
“Working together with Solana will bring innovation and challenge inefficiencies inherent in Brazil’s financial system”, says Thiago Cesar, CEO of Transfero, the issuer of the BRZ. “We have the means to help local projects think globally and scale their solutions internationally. That’s the ethos of companies that were born in the cryptoasset environment. We’ve been on that journey since the beginning”.
A global initiative to fund up to US$ 60 million
The initiative is part of a more extensive action from the Solana Foundation involving other countries, such as Russia, India, and Ukraine, which aims to make a total of US$ 60 million available to develop new projects on the blockchain. In this context, the Hacken Foundation, Gate.io, and Coin DCX also participate in the action.
“Solana believes that emerging markets have immense potential and is committed to enabling important projects and services in these regions”, said Anatoly Yakovenko, president of the Solana Foundation.