Solana Ventures and the Solana Foundation said Tuesday that they’ve launched a $100 million investment and grant fund to support crypto projects in South Korea, a country whose digital-currency scene has been ravaged by the collapse of the Terra blockchain that had operations there.
The fund is mainly meant to help projects in the country based on Solana. But it will also support crypto projects based on Terra that were stranded by the blockchain’s collapse, according to Johnny B. Lee, general manager of games for the Solana Foundation. Some platforms once based on Terra are now migrating over to different blockchains like Solana.
“The developers did nothing really wrong, but they’re left in the lurch,” he said in an interview.
South Korea is also a hotbed for virtual gaming, an area of focus for the new fund, which will invest in nonfungible token and decentralized finance projects as well.
The fund could also help attract startups and developers to the struggling Solana...
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