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The Solana Foundation mentioned on Wednesday that it has raised a $100 million fund to assist 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 group. It can also be 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 had been among the many most uncovered to the crash.

Solana to deal with 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 yr.

Solana’s potential to let builders construct extremely scalable purposes has attracted a number of sport builders to the blockchain. For occasion, STEPN, a wildly well-liked 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 in search of avenues into blockchain gaming, given the growing interest in web3 in the country. South Korean metaverses akin 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 prompted ripples throughout the crypto trade, 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 have a look at different avenues.

Solana has additionally had its justifiable share of bother prior to now week, after a current outage prompted 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 the online for the most recent breaking information, you will discover him enjoying videogames or watching Seinfeld reruns.
You can attain him at [email protected]

The offered content material could embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.