Solana (SOL) has launched a 100 million USD investment in South Korea as it attempts to penetrate into a developer industry still grieving from the Terra ecosystem collapse last month. Solana Ventures and the Solana Foundation, two important stakeholders in the Solana blockchain, have launched a 100 million USD fund to help reinforce the project's goal of establishing a viable blockchain for gaming. Solana Ventures, along with cryptocurrency exchange FTX and Lightspeed Ventures, announced a similar 100 million USD gaming fund in November. According to the press release, their primary focus will be on courting South Korea's crypto games development sector. According to Johnny B. Lee of the Solana Foundation, it would also support Terra-based systems, which were left stranded following the blockchain catastrophe.
Some of the world's top gaming firms, such as Netmarble, NCSoft, and Nexon, are headquartered in South Korea. The nation is also a significant cryptocurrency trading sector, with exchanges such as Bithumb and Upbit handling billions of dollars in daily trade activity. Solana's 100 million USD investment fund will be used to assist the network's NFT, GameFi, and DeFi projects. The blockchain project will now compete against a number of other significant protocols that have already established a footprint in the South Korean industry.
Movement of Solana since June 2021. (Source: Trading Economics)
Sources:
https://tradingeconomics.com/solusd:cur
https://beincrypto.com/solana-announces-100m-fund-to-south-korean-web3-startups/
https://ambcrypto.com/solana-bids-100m-on-defi-gamefi-in-south-korea/
https://cointelegraph.com/news/solana-ventures-sets-up-100m-fund-for-gamefi-and-defi-in-south-korea