Solana, one of the biggest Layer-1 blockchain protocols, through its subsidiaries Solana Ventures and Solana Foundation, has launched a $100 million fund to back startups in the South Korea Web3.0 ecosystem.
As reported by TechCrunch, drawing on the exclusive interview with Johnny Lee, general manager of games at Solana Labs, the fund will focus exclusively on GameFi, Non-Fungible Tokens (NFTs), and Decentralized Finance (DeFi) in South Korea.
Unlike other famous ecosystem funds that Venture Capital firms are backing, this Solana fund drew capital from the protocol’s treasury in addition to the venture arm’s pool of capital.
The investment into the South Korean Web3.0 ecosystem is a testament to the growing acclaim in the growth of developers introducing a series of Web3.0 initiatives in the country. Despite attaining undue popularity as the host nation of Do Kwon’s collapsed Terra protocol, Solana has looked beyond the woes to throw its weight behind the industry’s growth.
“A big...
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