El Salvador's announcement was largely ignored by markets, possibly due to the country's small size, analysts say.
The fund will focus on growing the Solana ecosystem in Brazil, India, Russia and Ukraine.
For DeFi to become a consumer-led phenomenon, it needs to stop focusing on places that already have good banking solutions.
The Arcanum Emerging Technologies Fund will start in India, but its founders plan to expand to other regions.
Nigeria, China, India, the U.S. and Vietnam were leading markets for peer-to-peer finance. South Africa and Turkey saw more stablecoin use.
The U.S. Senate is considering blockchain voting during the COVID-19 crisis, while crypto becomes a mainstay in the Middle East.