Qishin Tariq · · 1 min readSolana launches $100m fund for Korea’s crypto scene
Blockchain advocate Solana Foundation and investor Solana Ventures have launched a US$100 million investment and grant fund to prop up South Korea’s crypto projects, Bloomberg reported.
The fund mainly aims to help Solana-based projects in the country, though it will also support platforms based on Terra that were affected by the blockchain ecosystem’s crash.
Johnny Lee, general manager of games for the Solana Foundation, said developers on Terra had been left in the lurch after the crash. He added that some Terra-based platforms are now migrating to other blockchains like Solana.
The new fund will also be investing in NFTs, decentralized finance projects, and virtual gaming.
Solana’s own blockchain has faced issues recently, suffering a series of outages – including one earlier this month that lasted more than four hours. The ecosystem’s token was also hit by the overall crypto market downturn, with its price falling by 46% in May.
In November 2021, Solana Ventures launched a US$100 million gaming fund together with FTX and Lightspeed Venture Partners. The blockchain investor also launched a US$150 million fund with Forte and Griffin Gaming Partners in December 2021.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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