The stable coin BRZ (a cryptocurrency backed by the Brazilian real) and the blockchain Solana Foundation have announced a $20 million (approximately BRL 100 million) fund to finance crypto projects in Brazil, which can range from payment solutions to online blockchain games or decentralized financial platforms, among others.
The fund will prioritize early-stage projects for the development of solutions in Solana’s blockchain in Brazil with potential for integration to the BRZ, with the aim of boosting the Brazilian crypto market. The projects will be selected from the entries in the Brazilian stage of the Solana hackathon, held between May and June this year, and from direct applications.
The BRZ is issued by Transfero, an international company of financial solutions based on blockchain technology headquartered in Brazil and Switzerland. With the BRZ, it is possible to access international crypto platforms keeping the Brazilian real backing. Solana Foundation is a blockchain for decentralized financial solutions (DeFi).
The $20 million funds for Brazil are part of a global fund involving other countries such as Russia, India, and Ukraine. The investors of the global fund will infuse $60 million exclusively in new blockchain projects.
Four international projects have already been selected to receive investments: FTT, a cryptocurrency created by FTX exchange; Serum, a decentralized exchange; DeFi Land, an online game that emulates the environment of decentralized finance; and Parsiq, a data and automation platform.
Thiago Cesar, CEO of Transfero, says the crypto project funding initiative will bring innovation and challenge inefficiencies in Brazil‘s financial system while helping local early-stage projects think globally.
“Many investors only invest in companies that have already had some traction, our goal is to do the opposite. This is the largest fund ever created for blockchain projects, where we really select incipient projects and invest in good ideas, in those that want to innovate in this growing market,” he says.