$100 Million Fund for Korean Crypto Startups Set Up by Solana

Solana introduced a new $100 million fund for Korean Web3 entrepreneurs.

The funds were contributed equally by Solana Ventures and the Solana Foundation, a Swiss-located organization that encourages the network’s expansion. DeFi, gaming and NFT-focused crypto startups will be able to benefit from the newly available funds.

The general manager of games at Solana Foundation, Johnny B. Lee stated: “we have been working with Korean developers and actively investing in the ecosystem for some time now, which helped us build a deeper understanding of the Korean market.”

He went on to say: “Korea is at the forefront of web3 game design and development and we are focused on helping even more builders in Korea bring their ideas to reality.”

Solana Ventures’ first fund has been launched, with a particular focus geographically. This was just a few weeks after the major downfall of Terra (LUNA) and Terra (UST), on which many Korean crypto businesses had depended. Do Kwon, the owner of Terraform Labs, is presently in South Korea dealing with the indictment.

Solana will provide Korean entrepreneurs assistance with product engineering, as well as consultants based in the region.