Solana Targets Blockchain Projects in South Korea with a $100M Fund

June 13, 2022 Korea Blockchain

Solana Foundation and Solana Ventures have collaborated to debut a $100 million fund set to foster the development of decentralized financed (DeFi), non-fungible tokens (NFTs), and gaming in South Korea. The raise comes barely a month after the Terra debacle, which stripped millions off Koreans with investments in the now relegated chain.

Not only were the investors plagued with losses, but projects building in the Terra ecosystem were affected too. With that, the new $100 million investment bundle will support both Solana and Terra projects.

Solana to support blockchain initiatives in South Korea
Furthermore, the fund expands Solana’s incursion in the blockchain gaming space, having collaborated with Lightspeed Ventures and FTC to launch another $100 million fund targeting gaming projects at the tail end of 2021. There’s also a $150 million fund it debuted with gaming-focused platforms Griffin Gaming and Forte.

Targeting to provide a new home for Terra projects in South Korea, Bloomberg says mid-last week the General Manager of Games for the Solana Foundation, Johnny Lee, came into the defense of Terra developers following the down spiral, arguing that they are “left in the lurch” despite doing nothing wrong.

While Solana targets to host even more projects, the network is still battling seemingly never-ending downtimes that are now becoming more of a trait than an occurrence. Most recently, the durable nonce transactions feature had to be disabled to restore network consensus.