20 July 2026
Solana Raises $100M Fund To Cater Terra Refugee And Crypto startups
Today, the Solana Foundation announced to raise a $100 million fund to support crypto firms in South Korea.
According to reports, the fund is backed by the Solana treasury, as well as the blockchain’s venture capital arm, Solana Ventures.
Solana intends to capitalize on South Korea’s growing web3 community. Also, it will help developers who are still reeling from the recent Terra crash.
Terra's prominence was more in South Korea, as a result, investors and developers in the country were among the most exposed to the crash.
Solana said that the fund will focus largely on blockchain gaming, NFTs, and DeFi. After the partnership with PUBG developer Krafton, the presence of the blockchain has increased among South Korean game developers.
The ability of Solana to build highly scalable applications has attracted several game developers to the blockchain.
Additionally, developers in South Korea are seeking avenues into blockchain gaming, given the growing interest in web3 in the country. The country's metaverse as SK Telecom’s ifland has seen great success in the country and is looking to expand beyond Asia.
The crash of Terra had damaged the crypto industry, with several projects on the chain being shut down in its wake. Many projects also had developers in South Korea.
Though Terra launched a new token LUNA 2.0, it is still losing its value. This has led developers on the chain to look at other avenues.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advic
Discussion
0 comments