The Web3 Foundation, the organization behind Polkadot, has awarded a Decentralized Futures (DF) grant to PolkaPort East to foster the blockchain network’s expansion in Asia, according to a June 4 statement shared with CryptoSlate.

This marks Web3 Foundation’s first DF grant to an Asia-based entity. The grant aims to enhance Polkadot’s decentralization through technical, community, and ecosystem growth.

This grant, part of an initial $20 million and 5 million DOT tokens allocated to Decentralized Futures, enables Polkadot to fund both for-profit and non-profit organizations that support its ecosystem.

PolkaPort East

PolkaPort East is an independent entity that would focus on investor and growth relations for Polkadot in Hong Kong and the Greater Bay Area.

Although the grant amount remains undisclosed, it will support PolkaPort East’s mission to boost investor relations and growth for Polkadot in the region. The grant will also drive promotion and capital influx for the ecosystem.

Max Rebol, PolkaPort East co-founder, emphasized the grant’s crucial timing for Polkadot, seeing it as a significant step towards enhancing the network’s decentralization and presence in Hong Kong.

Another co-founder, Thibault Perréard, highlighted that the grant will allow PolkaPort East to leverage Asia’s thriving innovation landscape. He added:

“PolkaPort East will be tapping into the thriving innovation hubs of Hong Kong and the Greater Bay Area while engaging and fostering relationships with local governments, global enterprises and capital allocators of the region.”

David Hawig, Ecosystem Director at Web3 Foundation, said:

“This project exemplifies our commitment to fostering decentralized access and innovation within the Polkadot ecosystem. We believe Polkaport East will play a pivotal role in enhancing connectivity and empowering the community in Hong Kong, driving forward the vision of a truly decentralized internet”

The post Web3 Foundation boosts Polkadot’s Asia presence with grant to PolkaPort East appeared first on CryptoSlate.

Following its recent integration with PayPal’s PYUSD, Solana could be set to gain increased institutional interest amid a thriving SOL token. Indeed, one executive has recently discussed the natural marriage between the Solana network and institutions that are seeking to enter the blockchain space.

Robinson Burkey, the co-founder and chief commercial officer of the Wormhole Foundation, recently discussed Solana’s prevalence. Indeed, Burkley noted that what recently took place with PayPal could be the beginning of similar developments taking place in upcoming years. Subsequently, it could have a massive effect on SOL and its future price movements.

Also Read: Solana: Will SOL Reach $200 This Week Or Fall To $150?

Solana and PayPal Could be the First of Many

Throughout this year, Solana has experienced tremendous growth. 2024 has seen growing interest in meme coins, with the Solana network housing some of the most prevalent up-and-comers. Moreover, it has enjoyed several outings outperforming Ethereum in DEX volume, asserting its position in the modern Web3 landscape.

Perhaps the culmination of that, however, came when PayPal announced its PYUSD stablecoin would be expanding to the network. The dollar-pegged asset would now have access to the blockchain after debuting on Ethereum. According to one executive, Solana will continue to receive institutional interest, which could be good news for SOL.

“Solana and institutions make sense,” Robert Burkey told Cointelegraph. “Industry leaders like PayPal, Stripe, and Visa must future-proof their offerings. The best way to do that is by meeting their most forward-thinking users on the platforms they’re adopting.”

Also Read: Solana: GameStop (GME) Meme Coin Up 300% as Network Rise Continues

Additionally, Burkey noted. “You’ll likely see many more institutional moments for Solana in the coming years.” Indeed, Solana’s PayPal integration is the second time such a feat has taken place. In 2023, Visa announced the USD coin would be expanding to the network. Like PYUSD, the asset would be supported by Ethereum and Solana.

These kinds of positive developments will be vital for SOL as it attempts to gain momentum. Currently, the asset is up more than 13% over the last 30 days, according to CoinMarketCap. As the network gains more attention, so too will the asset. Ultimately, it should equate to massive gains in the next several years.