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Michael
Michael
Jun 9, 2022
News

Solana Ventures Unveils $100 Million Fund for GameFi and DeFi Projects in South Korea

Solana Ventures, in partnership with Solana Foundation, has raised a $100M fund to help support the growth of GameFi and DeFi projects in South Korea.
Solana Ventures Unveils $100 Million Fund for GameFi and DeFi Projects in South Korea

Solana Ventures collaborates with Solana Foundation to raise a $100 Million fund to support the growth of NFT, blockchain gaming, and DeFi projects in South Korea. Apart from supporting DeFi and NFT projects, the fund will also be used to stabilize Terra-based projects following the collapse of the ecosystem last month.

The Solana Foundation strongly believes that developers from Terra should not be blamed for the fall of the game's ecosystem. On Wednesday, Bloomberg reported an interview with Johnny B. Lee, general manager for games at the Solana Foundation, where he said: “The developers did nothing really wrong, but they’re left in the lurch.”

This announcement solidifies Solana's aim to become the consummate blockchain for the gaming community. This will not be the first major investment from Solana Venture, the brand has launched similar ventures in the past including a $100-million gaming fund with crypto exchange FTX and Lightspeed Ventures last November. In addition, a partnership with Forte and Griffin Gaming Partners worth $150-million has also been established.

Currently, Solana's top NFT marketplace, Magic Eden, is the second-largest in the world, with an estimated 35,526 daily traders and $7.31M in daily volume.

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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