Solana set up fund to invest in South Korean crypto startups

The funds will be directed to games-related projects, NFTs, and DeFi, their total amount was $100 million

08.06.2022 - 08:45

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What’s new? Blockchain platform Solana has announced a $100 million fund to invest in Web 3.0 startups from South Korea. The funds were provided by two organizations, Solana Ventures and Solana Foundation. This is reported by The Block.

News on The Block website

What else is known about the fund? Investments will be directed to games-related projects, NFTs, and the field of decentralized finance (DeFi). As Johnny Lee, general manager of games at Solana Foundation, noted, South Korea is at the forefront of Web 3.0 game design and development, and the company aims to help even more local developers bring their ideas to life. In addition to funding, Solana will also provide projects with consulting services and assistance with product design and development.

The new fund is Solana’s first project with a distinct geographic focus. It comes just weeks after the collapse of the Terra blockchain ecosystem, on which numerous South Korean startups were built.

On June 1, Solana developers halted the network operation for four hours. Validators began restarting the network only after disabling the so-called “durable nonce transactions” that caused the validation failure.

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