Solana Expands its Presence in Brazil
The Solana Foundation, a nonprofit organization supporting the development of the Solana ecosystem, has announced its expansion into Brazil. They will establish a local team and invest over $10 million in Web3 projects in the country. The foundation has already launched similar teams in seven other countries, providing opportunities and employment for numerous individuals. The investments in Brazil will focus on Web3 initiatives related to art, asset tokenization, and artificial intelligence. The Solana Foundation sees Brazil as a key market for expansion in the coming years.
Tether Seeks to Grow in Venezuela
Tether, the company behind the widely-used stablecoin USDT, is looking to expand its presence in Venezuela. They are currently hiring an expansion manager to identify new business opportunities and maintain relationships with existing customers. This move comes as a surprise to some, given the challenges faced by the country’s crypto industry due to government actions. Tether has not provided specific details about its plans in Venezuela.
Bitcoin Argentina Advocates for Bitcoin in Asset Regularization
Bitcoin Argentina, an NGO dedicated to promoting Bitcoin adoption in the country, has advised the Argentine government to accept Bitcoin instead of dollars in the proposed asset ownership regularization program. The organization believes that holding Bitcoin instead of selling it would enhance the country’s reserve position and provide flexibility for obtaining foreign currency if needed. Bitcoin Argentina is concerned that the draft bill currently only allows payments in dollars for cryptocurrency regularization. The NGO hopes to influence the discussion in Congress to include Bitcoin as an accepted form of payment.
Hot Take: Latin America’s Growing Crypto Ecosystem
Welcome to Latam Insights, where we bring you the latest news on crypto and the economy in Latin America. This week, we saw Solana expanding into Brazil, Tether showing interest in Venezuela, and Bitcoin Argentina advocating for Bitcoin in asset regularization. These developments highlight the growing presence and potential of cryptocurrencies in the region. As Latin America embraces innovative technologies, there are exciting opportunities for individuals, businesses, and investors to participate in the crypto ecosystem. Stay tuned for more updates on the evolving landscape in Latin America.
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