The Solana Foundation 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 response to a report by TechCrunch.
The transfer is meant to capitalize on South Korea’s rising web3 neighborhood. It can be seemingly geared toward courting builders who’re nonetheless reeling from the latest Terra crash.
Given Terra’s prominence in South Korea, traders 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 informed 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 functions has attracted a number of sport builders to the blockchain. For occasion, STEPN, a wildly fashionable 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 sport builders are additionally in search of avenues into blockchain gaming, given the growing interest in web3 in the country. South Korean metaverses corresponding to SK Telecom’s ifland have seen nice success within the nation, and are looking to expand beyond Asia.
Terra crash causes crypto fallout
Terra’s crash precipitated ripples throughout the crypto business, with a number of tasks on the chain being shut down in its wake. Several 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 laws on crypto.
Despite a relaunch on a brand new blockchain, LUNA- Terra’s native token- is also steadily losing its value. This has additional pressured builders on the chain to take a look at different avenues.
Solana has additionally had its justifiable share of hassle previously week, after a latest outage precipitated a big price drop in the SOL token.
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