Lumx launches $250k fund for Polygon projects in Latin America

Web3 startup Lumx has launched a $250,000 fund to accelerate on-chain development on the Polygon network in Latin America. The LATAM Acceleration Fund aims to foster innovation and adoption of blockchain technology through grants for companies building applications using Lumx’s APIs on any Polygon blockchain.

The fund will sponsor user transactions with smart accounts, smart contract deployment, NFT creation, and provide free access to Web3 products. Applications for grants are open until August 20th, 2024.

“Polygon Labs is very excited to support the overall web3 development in Latin America, and we believe that it is only through the best infra providers that the top use cases can become a reality,” stated Manuel Echanove, Head of BD for Latin America at Polygon Labs. “Lumx deeply shares our web3 ethos and is committed to build use cases that are simply better or feasible through on-chain dynamics in the Polygon aggregated network”

Notably, three Latin American countries are among the Top 20 in crypto adoption, according to Chainalysis’ “2023 Geography of Cryptocurrencies” report. Brazil occupies the 9th position, while Argentina and Mexico come 15th and 16th, respectively.

Lugui Tillier, Director of BizDev at Lumx, emphasized the initiative’s potential to strengthen Brazil’s position in global Web3 development and catalyze high-level projects in the region.

“Blockchain technology is extremely powerful, but without relevant applications, it is nothing. After several cycles focused on infrastructure, we are entering a cycle of on-chain applications, and Lumx will drive this progress on Polygon! It’s time to build! It’s time to build!”