Solana Raises $100 Mln Fund To Court Terra Refugees

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 companies 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. Additionally it is doubtless geared toward courting builders who’re nonetheless reeling from the latest Terra crash.

Given Terra’s prominence in South Korea, buyers and builders within the nation have been among the many most uncovered to the crash.

Solana to deal with gaming, NFTs in S.Korea

Solana instructed TechCrunch that the fund will focus largely on blockchain gaming, NFTs, and DeFi. The blockchain already has a sizeable presence amongst South Korean recreation builders, following a partnership with PUBG developer Krafton earlier this 12 months.

Solana’s capability to let builders construct extremely scalable functions has attracted a number of recreation 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 recreation builders are additionally searching 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 need to broaden past Asia.

Terra crash causes crypto fallout

Terra’s crash prompted ripples throughout the crypto trade, with a number of initiatives on the chain being shut down in its wake. A number of of those initiatives 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 take a look at different avenues.

Solana has additionally had its fair proportion of bother up to now week, after a latest outage prompted a giant value drop within the SOL token.

 

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