Solana Raises $100 Mln Fund To Court Terra Refugees

The Solana Basis 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 response to a report by TechCrunch.

The transfer is meant to capitalize on South Korea’s rising web3 group. It’s also possible 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 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 yr.

Solana’s means to let builders construct extremely scalable functions has attracted a number of sport builders to the blockchain. As an illustration, STEPN, a wildly common 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 looking for avenues into blockchain gaming, given the rising curiosity in web3 within the nation. South Korean metaverses akin to SK Telecom’s ifland have seen nice success within the nation, and wish to broaden past Asia.

Terra crash causes crypto fallout

Terra’s crash brought on 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 also be steadily shedding its worth. This has additional pressured builders on the chain to have a look at different avenues.

Solana has additionally had its justifiable share of bother up to now week, after a latest outage brought on a giant value drop within the SOL token.

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