The Solana Foundation stated on Wednesday that it has raised a $100 million fund to help crypto companies in South Korea.
The fund is backed by the Solana treasury, in addition to the blockchain’s enterprise capital arm, Solana Ventures, in response to a report by TechCrunch.
The transfer is meant to capitalize on South Korea’s rising web3 group. It can be probably geared toward courting builders who’re nonetheless reeling from the latest Terra crash.
Given Terra’s prominence in South Korea, buyers and builders within the nation had been among the many most uncovered to the crash.
Solana to deal with gaming, NFTs in S.Korea
Solana advised TechCrunch that the fund will focus largely on blockchain gaming, NFTs, and DeFi. The blockchain already has a sizeable presence amongst South Korean recreation builders, following a partnership with PUBG developer Krafton earlier this yr.
Solana’s skill to let builders construct extremely scalable functions has attracted a number of recreation builders to the blockchain. For occasion, STEPN, a wildly widespread play-to-earn platform, is predicated on Solana. The blockchain can be the second-largest NFT participant by each day gross sales, after Ethereum.
South Korean recreation builders are additionally searching for avenues into blockchain gaming, given the rising curiosity in web3 within the nation. South Korean metaverses similar to SK Telecom’s ifland have seen nice success within the nation, and wish to broaden past Asia.
Terra crash causes crypto fallout
Terra’s crash triggered ripples throughout the crypto trade, with a number of initiatives on the chain being shut down in its wake. Several of those initiatives additionally had builders in South Korea.
The crash has additionally attracted regulatory scrutiny in South Korea, with the nation set to unveil stricter legal guidelines on crypto.
Despite a relaunch on a brand new blockchain, LUNA- Terra’s native token- can be steadily dropping its worth. This has additional pressured builders on the chain to take a look at different avenues.
Solana has additionally had its justifiable share of hassle prior to now week, after a latest outage triggered a giant worth drop within the SOL token.
The offered content material could embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.