Just-In: Solana Raises $100 Mln Fund To Court Terra Refugees

The Solana Foundation said on Wednesday that it has raised a $100 million fund to support crypto firms in South Korea.

The fund is backed by the Solana treasury, as well as the blockchain’s venture capital arm, Solana Ventures, according to a report by TechCrunch.

The move is intended to capitalize on South Korea’s growing web3 community. It is also likely aimed at courting developers who are still reeling from the recent Terra crash.

Given Terra’s prominence in South Korea, investors and developers in the country were among the most exposed to the crash.

Solana to focus on gaming, NFTs in S.Korea

Solana told TechCrunch that the fund will focus largely on blockchain gaming, NFTs, and DeFi. The blockchain already has a sizeable presence among South Korean game developers, …

Source : coingape.com

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