The Solana Basis 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 line with a report by TechCrunch.
The transfer is meant to capitalize on South Korea’s rising web3 neighborhood. Additionally it is doubtless 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 instructed TechCrunch that the fund will focus largely on blockchain gaming, NFTs, and DeFi. The blockchain already has a sizeable presence amongst South Korean sport builders, following a partnership with PUBG developer Krafton earlier this yr.
Solana’s capacity to let builders construct extremely scalable functions has attracted a number of sport builders to the blockchain. As an example, STEPN, a wildly in style play-to-earn platform, relies on Solana. The blockchain can also be the second-largest NFT participant by every day gross sales, after Ethereum.
South Korean sport builders are additionally in search of avenues into blockchain gaming, given the rising curiosity in web3 within the nation. South Korean metaverses comparable to SK Telecom’s ifland have seen nice success within the nation, and need to increase past Asia.
Terra crash causes crypto fallout
Terra’s crash induced ripples throughout the crypto business, with a number of tasks on the chain being shut down in its wake. A number of of those tasks 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.
Regardless of a relaunch on a brand new blockchain, LUNA- Terra’s native token- can also be steadily shedding 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 bother previously week, after a latest outage induced a giant value drop within the SOL token.
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