The Solana Basis mentioned on Wednesday that it has raised a $100 million fund to assist 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 group. Additionally it is possible aimed toward courting builders who’re nonetheless reeling from the current Terra crash.
Given Terra’s prominence in South Korea, buyers and builders within the nation have been among the many most uncovered to the crash.
Solana to concentrate on 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 sport builders, following a partnership with PUBG developer Krafton earlier this 12 months.
Solana’s capacity to let builders construct extremely scalable purposes has attracted a number of sport builders to the blockchain. For example, STEPN, a wildly in style play-to-earn platform, is predicated on Solana. The blockchain can also be the second-largest NFT participant by each day gross sales, after Ethereum.
South Korean sport builders are additionally looking for avenues into blockchain gaming, given the rising curiosity in web3 within the nation. South Korean metaverses reminiscent of SK Telecom’s ifland have seen nice success within the nation, and want to develop past Asia.
Terra crash causes crypto fallout
Terra’s crash prompted ripples throughout the crypto business, with a number of initiatives on the chain being shut down in its wake. A number of 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.
Regardless of a relaunch on a brand new blockchain, LUNA- Terra’s native token- can also be steadily dropping its worth. This has additional pressured builders on the chain to have a look at different avenues.
Solana has additionally had its fair proportion of hassle up to now week, after a current outage prompted an enormous worth drop within the SOL token.
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