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Solana Ventures Launches $100 Million Fund Focused on Web3 Projects in South Korea – Bitcoin News


Solana Ventures has revealed the launch of a $100 million fund devoted to Web3 startups in South Korea. Based on Solana Labs’ normal supervisor Johnny Lee, the capital can be devoted to non-fungible tokens (NFTs), decentralized finance (defi), and recreation finance (gamefi) growth.

Solana Ventures Reveals $100 Million Web3 Fund Devoted to Discovering Expertise and Modern Startups in South Korea

Proponents behind the good contract protocol Solana plan to increase into South Korea by providing a Web3 fund value $100 million to startups and builders creating Web3 tasks.

Solana Labs’ normal supervisor Johnny Lee told Techcrunch reporter Jacquelyn Melinek that the fund will deal with Web3 purposes that revolve round NFTs, defi, blockchain gaming ideas, and gamefi.

Austin Federa, the top of communications at Solana Labs, defined to Melinek that the fund stems from the Solana neighborhood treasury and Solana Ventures’ pool of capital.

Solana Ventures Launches $100 Million Fund Focused on Web3 Projects in South Korea
Solana Ventures has devoted thousands and thousands of {dollars} towards Web3 tasks and startups.

Solana Ventures, the funding arm of Solana Labs, defined that gaming and non-fungible tokens are in style in South Korea. Lee detailed {that a} lion’s share of NFT and gaming actions on the Solana community derive from the East Asian nation.

“An enormous portion of Korea’s gaming business is transferring into web3,” Lee detailed on Wednesday. “We wish to be versatile; there’s a variety of mission sizes, staff sizes, so a few of [our investments] can be venture-sized checks,” the Solana Labs normal supervisor remarked.

Solana’s native token solana (SOL) is within the high ten crypto market positions in ninth place when it comes to capitalization. SOL’s $13.22 billion market capitalization represents 1.03% of the crypto economic system’s $1.290 trillion market valuation.

SOL, nonetheless, is down 39.2% over the past month and 19.6% of the autumn was in the course of the previous two weeks. By way of complete worth locked (TVL) in defi, Solana is ranked fifth with $3.76 billion. Solana’s TVL in defi has misplaced 33.96% up to now month, based on defillama.com statistics.

Moreover, Solana suffered one other network outage because the community halted block manufacturing on June 1. In December 2021, Solana Ventures, in a partnership with Griffin Gaming and Forte, launched a $150 million fund for Web3 merchandise.

Amid the announcement regarding Solana Ventures’ newest fund centered on South Korea and Web3 growth, Lee stated he expects Solana to showcase “high-quality and enjoyable video games” over the last two quarters of 2022.

Tags on this story
Austin Federa, Crypto, Crypto asset, Cryptocurrencies, DeFi, defi SOL, GameFi, Gaming, gaming finance, gaming industry, Johnny Lee, Market Cap, nft, NFTs, Non-fungible Token, SOL, SOL defi, Solana, Solana (SOL), Solana Ventures, Solana Web3, South Korea, South Korea Web3, South Korean startups, total value locked, TVL, Web3, Web3 development, Web3 SOL, Web3 South Korea

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Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist dwelling in Florida. Redman has been an lively member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized purposes. Since September 2015, Redman has written greater than 5,000 articles for Bitcoin.com Information concerning the disruptive protocols rising right this moment.




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