Solana Ventures and the Solana Foundation recently established a $100 million grant and investment fund that will be used to back web3-based Korean start-up companies. This fund will focus on investments in game studios, NFTs, DeFi, and GameFi experiences in South Korea. This initiative will also provide support to Terra-based projects in South Korea.
According to a Cointelegraph article, the Solana Foundation thinks that Terra developers should not be held responsible for the recent collapse of South Korea’s blockchain network. In fact, Johnny Lee, the general manager of games at the Solana Foundation, said that developers in the country “did nothing really wrong, but they’re left in the lurch.”
“A big portion of Korea’s gaming industry is moving into web3,” Lee said. “We want to be flexible; there’s a wide range of project sizes, team sizes, so some of [our investments] will be venture-sized checks.”
This new funding program confirms that Solana is one of the world’s major players when it comes to backing blockchain-based experiences and projects. Previously, Solana Ventures had established two other $100+ million funds to support blockchain gaming companies around the globe.
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