Solana launches $100M fund to attract crypto projects from South Korea

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Solana Ventures and Solana Foundation have raised a $100 million funding fund for crypto tasks in South Korea, weeks after Terra’s community collapse left many crypto tasks within the nation in a state of limbo.

The common supervisor for video games at Solana Foundation, Johnny B. Lee, said the fund would principally be for crypto tasks within the nation based mostly on Solana. But it’ll additionally help tasks that have been based mostly on Terra.

It was revealed that a part of the fund could be devoted to blockchain gaming, whereas different sectors equivalent to decentralized finance and non-fungible tokens can even obtain important investments.

This fund is the newest Solana plan to grow to be a alternative community for blockchain gaming. Last yr November, it launched an analogous $100 million fund with FTX and Lightspeed Ventures geared in the direction of drawing gaming tasks to its community.

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Terra’s collapse wiped off near $40 billion from the crypto market, however the South Korean crypto scene seems to have suffered probably the most as most of the community’s tasks are from the nation.

However, it’s unclear if South Korean builders could be keen to take Solana’s bait as a result of the blockchain community has suffered seven outages in 12 months, leaving many to query its viability.

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Meanwhile, the South Korean authorities has additionally stepped up its bid to grow to be the hub for Metaverse expertise. The nation just lately revealed its intention to take a position $187 million in constructing its Metaverse, centered on rising its digital content material footprint.

Crypto networks courtroom Terra tasks

Several crypto blockchain networks have been courting Terra-based tasks emigrate to their ecosystem.

Popular layer2 community, Polygon, launched a $550 million growth fund for Terra tasks emigrate to Polygon.

According to Polygon Studios CEO Ryan Wyatt, this transfer is designed to assist tasks affected by Terra’s crash.

OnePlanet, an NFT market, is the primary Terra-based undertaking emigrate to the L2 answer.

Other blockchain networks like Fantom, VeChain, and Juno have additionally sought to draw Terra tasks by varied initiatives.

Juno offers as a lot as $7 million in incentives for tasks keen to port to its ecosystem, whereas Fantom provides grants, advertising and marketing, and ecosystem connections.

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