💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Solana Ecosystem Looks To Pour $100 Million Into South Korean DeFi and Web3 Projects

Published 08/06/2022, 21:04
Updated 08/06/2022, 21:41
© Reuters.  Solana Ecosystem Looks To Pour $100 Million Into South Korean DeFi and Web3 Projects

The Solana (CRYPTO: SOL) Foundation and Solana Ventures announced on June 7 a pledge of up to $100 million for cryptocurrency and NFT projects across South Korea.

What Happened: According to CoinDesk, the aim of the contribution is to boost the cryptocurrency and virtual gaming industries in South Korea. Austin Federa, communications head for the Solana Foundation, stated the fund's primary focus will be on enhancing the virtual gaming industry and driving higher market share into crypto gaming.

Why It's Important: Following the recent infamous crash of Terra (CRYPTO: LUNA), as a result of the UST de-peg, South Korea houses extensive idle talent in the fields of DeFi and crypto designers and developers. In an interview with Bloomberg, Solana Foundation's General Manager of Gaming Johnny B. Lee stated "The [Terra] developers did nothing really wrong, but they’re left in the lurch.”

Consequently, smart contract platforms such as Kadena (CRYPTO: KDA), Polygon (CRYPTO: MATIC), and Avalanche (CRYPTO: AVAX) have been investing in the Web3 talent of South Korea. As the South Korean gaming industry currently sits at a market cap of more than $18 billion as of 2022, investments into its Web3 and cryptocurrency gaming landscape could boost this industry.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.