Solana Raises $60 Million for Projects in Brazil, India, Russia and Ukraine

The Solana Foundation, a nonprofit organization, has secured $60 million from Hacken, Gate.io, Coin DCX and BRZ. The funds will go to three funds aimed at expanding the ecosystem in developing economies. CoinDesk reports.

The funding will support the development of blockchain applications in areas such as DeFi, NFTs and cybersecurity. The funds will go directly to projects, and their allocation will be flexible in nature.

“In each of these regions we observed high activity on Discord, Telegram and other social media. As a result, we decided to find local partners here,” explained Anatoly Yakovenko, president of the Solana Foundation.

The BRZ fund, launched in Brazil, will focus on DeFi projects related to lending, financing and payments.

“Solana will bring innovations and address the shortcomings inherent in the country’s financial system,” said Tiago Cesar, CEO of Transfera Swiss, the creator of BRZ.

In India, Solana will partner with CoinDCX. The fund will focus on DeFi, NFT, wallets, exchanges and dapps.

Hacken and Gate.io will provide Solana with cybersecurity-solutions expertise in Russia and Ukraine.

A week ago, the Solana Foundation launched five funds with a total of $100 million to develop applications in China. It was aided by Huobi, Gate.io and NGC Ventures.

Earlier in March this year, bitcoin exchanges OKEx and MXC announced a $40 million allocation for DeFi development on the Solana blockchain.

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