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Solana (SOL) has added approximately 8108% in the past twelve months and is now up around 53% in the past 30 days.
Solana protocol, a decentralized network focused on developing scalable cryptocurrency applications, announced that it managed to raise a total of $60 million from strategic private investors. Reportedly, the company anticipates using the funds to develop its ecosystem in four specific markets: Brazil, Russia, India and Ukraine.
According to the announcement, Hacken, Gate.io, Coin DCX and BRZ were the source of the $60 million funding. “Working with Solana will bring innovation and tackle inefficiencies inherent to the Brazilian financial system,” Thiago Cesar, CEO of Transfera Swiss, the creator of the Brazilian stablecoin, said in a press statement.
Solana foundation has seen its ecosystem grow to the top blockchain projects, whereby it is ranked position 17 by market capitalization.
Focusing on specific markets was inspired by the fact that it has a huge following in almost all its social media accounts. “In each of these regions we’ve seen strong engagement in Discord, local Telegram groups and other community spaces, so we set out to find partners in those regions,” Anatoly Yakovenko, president of the foundation, told CoinDesk.
Why Is Solana Foundation Interesting to Investors?
Solana (SOL) has added approximately 8108% in the past twelve months, and is now up around 53% in the past 30 days. Notably, the asset was trading around $44.06 at the time of reporting according to metrics provided by CoinGecko.
The Solana protocol stands out in the blockchain and crypto industry as it can process up to 710k transactions/second on a 1gb network without data partitioning. Putting the figure into a proper perspective XRP can process 1500 transactions per second, Ethereum (ETH) can currently manage 15 transactions per second, while Bitcoin (BTC) can perform 3-6 transactions per second.
The Solana protocol was developed with security, scalability, and decentralization in mind. As a result, it has attracted notable developers and decentralized financial platforms on its network.
Notably, Solana foundation will not directly benefit from the $60 million funds but will have the funds used by respective partners in respective markets. Whereby, funds contributed by Brazilian Digital Token (BRZ) will support projects that are developing real-world DeFi applications focused on lending, financing and payments, particularly in Brazil.
On the other hand, Solana’s partner in India CoinDCX, will use the funds in developing new Web 3.0 products, including DeFi systems, NFT marketplaces, wallets, exchanges and decentralized apps (dApps) on top of Solana.
As for the remaining funds from Hacken and Gate.io, they are expected to go towards decentralized blockchain development in Ukraine and Russia. Solana has undertaken an initiative to venture into markets that are deemed hostile to the cryptocurrency industry.