The Solana Basis stated 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 keeping with a report by TechCrunch.

The transfer is meant to capitalize on South Korea’s rising web3 group. Additionally it is 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 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 potential to let builders construct extremely scalable functions has attracted a number of sport builders to the blockchain. For example, STEPN, a wildly standard play-to-earn platform, is predicated on Solana. The blockchain can be the second-largest NFT participant by day by 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 equivalent 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 brought on 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 laws on crypto.

Regardless of 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 have a look at different avenues.

Solana has additionally had its fair proportion of hassle prior to now week, after a latest outage brought on a big price drop in the SOL token.

With greater than 5 years of expertise masking world monetary markets, Ambar intends to leverage this information in direction of the quickly increasing world of crypto and DeFi. His curiosity lies mainly find how geopolitical developments can affect crypto markets, and what that would imply on your bitcoin holdings. When he is not trawling by way of the online for the most recent breaking information, yow will discover him enjoying videogames or watching Seinfeld reruns.
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