As per the latest reports surrounding, a $100 million fund has been formed by the Solana Foundation and Solana Ventures. The purpose of the fund is to provide support for the growth of the major spaces within the cryptocurrency universe.
The sources suggest that the funding has been formed keeping in mind it’ll be for the growth of decentralized finance (DeFi), blockchain gaming (GameFi), and non-fungible tokens (NFTs).
However, instead of targeting the blockchain and mainstream communities all over the world, Solana has chosen South Korea.
Solana Aims to Expand its Support
The initial goal for launching the fund was to support the projects that were based on the Solana network. However, Solana aims to expand its support to other networks as well. For now, Solana is aiming to provide full support to projects that are based on the Terra network.
Solana officials have revealed that their support for Terra was not pre-decided. Following the crash of the Terra network in May, they have decided to expand their support accordingly.
They want to provide all the help the Terra network needs in order to push through the harsh and difficult times. Following the crash of the entire ecosystem on the Terra network, Solana is among the crypto entities announced that unconditional support for Terra.
Solana Foundation thinks Positive of Terra Developers
As per the members of the Solana Foundation, it wouldn’t be fair to stamp the Terra developers to be behind the Terra network crash. It is completely not their fault if the Terra blockchain network ended up performing really badly, said the games manager at Solana Foundation.
An Ideal Blockchain
The reason why Solana has launched a new fund is to become the leading entity in the gaming sector that is based on blockchain. Prior to launching the recent fund, Solana had launched a $100 million fund in collaboration with FTX, a cryptocurrency exchange.
Solana had formed a similar $150 million fund in collaboration with Griffin Gaming Partners and Forte which are all projects based on blockchain gaming.
How South Korea Gains from Solana
South Korea is one of the most advanced and highly enthusiastic countries when it comes to technology and gaming. Therefore, it doesn’t come as a surprise that South Korea is the main target for Solana.
Solana is aiming to gain humongous recognition in the metaverse and the non-fungible token sector, which South Korea is supporting with great interest.
Just recently, the government of South Korea decided to dedicate $187 million for the advancement of the metaverse ecosystem. The government announced that the ecosystem it wants to build will be owned by the government of South Korea.
By making the right investments at the right time, Solana is ensuring that its utility increases within the decentralized finance, GameFi, and NFT industry.
With South Korea fully onboard, it is only a matter of time before the trading price of Solana starts experiencing an upsurge.