The Solana Basis mentioned on Wednesday that it has raised a $100 million fund to help crypto corporations in South Korea.
The fund is backed by the Solana treasury, in addition to the blockchain’s enterprise capital arm, Solana Ventures, in accordance with a report by TechCrunch.
The transfer is meant to capitalize on South Korea’s rising web3 neighborhood. Additionally it is seemingly geared toward courting builders who’re nonetheless reeling from the current Terra crash.
Given Terra’s prominence in South Korea, traders and builders within the nation had been among the many most uncovered to the crash.
Solana to give attention to 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 means to let builders construct extremely scalable functions has attracted a number of sport builders to the blockchain. As an example, STEPN, a wildly widespread play-to-earn platform, is predicated on Solana. The blockchain can be the second-largest NFT participant by every day gross sales, after Ethereum.
South Korean sport builders are additionally searching 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 need to develop past Asia.
Terra crash causes crypto fallout
Terra’s crash triggered ripples throughout the crypto trade, 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 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 hassle prior to now week, after a current outage triggered an enormous value drop within the SOL token.
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