Blockchain operator Solana this morning announced a new $100 million fund for Korean web3 startups.
Solana Ventures and Solana Foundation, the Switzerland-based entity that promotes the growth of the network, have jointly stumped up the funds. They will be used for investments and grants in a range of Korean crypto startups, but with a focus on those in gaming, non-fungible tokens (NFTs) and DeFi.
“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,” said Johnny B. Lee, general manager of games at Solana Foundation, in a statement. “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.”
The fund is the first launched by Solana Ventures with a distinct geographic focus. It comes just a few weeks after the spectacular collapse of Terra and UST, a blockchain and its stablecoin that numerous crypto startups in Korea had relied on. Terraform Labs founder Do Kwon is currently facing prosecution in South Korea.
Beyond capital, Solana will offer Korean developers help with product and engineering, and will have advisors based in the region, it said.