South Korea’s Solana Foundation Launches $20 Million Fund to Boost Its Blockchain Ecosystem

The Solana Eco Fund will boost several Solana-based infrastructure projects including DeFi, Web3, and NFTs. Korean accelerator DeSpread and blockchain consulting firm FactBlock are partners in the Solana ecosystem fund.

The Solana Foundation is looking further to expand its footprint in South Korea’s bustling blockchain market. On Thursday, June 3, the Solana Foundation recently announced its partnership with blockchain accelerator group ROK Capital. The two together have launched a $20 million Solana Eco Fund to boost several Solana-based infrastructure projects including DeFi, Web3, and NFTs.

Solana Eco Fund

The focus is to penetrate further into South Korea’s growing blockchain market. Korean accelerator DeSpread and blockchain consulting firm FactBlock are partners in the Solana ecosystem fund. Speaking to CoinTelegraph, ROK Capital general partner Brian Kang said:

“In addition to injecting capital, this new fund will provide tailored services for projects to successfully accelerate in Korea. By partnering with Solana, the firm hopes to bootstrap a range of Solana-focused infrastructure projects, including those related to Web3, Defi, and NFTs. The focus will be on accelerating Solana’s expansion into the Korean market”.

With the newly established Solana Eco Fund, ROK Capital has invested in several different platforms. This includes Synthetify, Mercurial Finance, Symmetry, and Parrot. ROK Capital also bootstrapped decentralized exchange (DEX) Serum. the Serum DEX provides a robust ecosystem of high speed and low transaction costs to decentralized finance (DeFi). Anatoly Yakovenko, President of the Solana Foundation also said:

“ROK Capital has been a strong partner to ecosystem companies, helping projects launch and secure capital. We look forward to working with the new fund to support more entrepreneurs and teams building on Solana”.

Solana Announces Solverse Accelerator for High-Potential Projects

On Thursday, the Solana Foundation also unveiled its Solverse accelerator for supporting high-potential projects on the Solana blockchain network. The platform has tapped 21 subject matter experts to advise on the upcoming Solana projects.

Besides, representatives from 21 different companies have joined the Solverse mentorship program. This includes companies like Axia8 Ventures, Alameda Research, Bitscale, Lemniscape, and others. Wayne Lin, founder of Axia8 Ventures said:

“The infrastructure provided by Solana will bring De-Fi capacity and sophistication to the next level. Our goal with Solverse is to create a brain trust with the top minds in the industry and to aggregate resources for products and services that will elevate the on-chain world.”

The mentors of this program come from diverse industrial backgrounds like media, blockchain infrastructure, and global investment banking.

next Altcoin News, Blockchain News, Business News, Cryptocurrency news, Investors News

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Related Articles

Why does Phemex’s Learn and Earn Matters?

Phemex has recently unveiled Learn and Earn, which happens to be its latest educational program based on simplified concepts on cryptocurrency and blockchain.Things have...

The End of NFTs? NFT Sale Transaction Volume Down 95% since Early May

The drop in non-fungible token sales that began in early May seems to be continuing into June.Finance Magnates previously reported that according to data...

Index Publisher MSCI Mulling Idea to Launch Crypto Indexes

In a move similar to that being considered by MSCI, the S&P Dow Jones has already launched its index for the duo of Bitcoin...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles

Why does Phemex’s Learn and Earn Matters?

Phemex has recently unveiled Learn and Earn, which happens to be its latest educational program based on simplified concepts on cryptocurrency and blockchain.Things have...

The End of NFTs? NFT Sale Transaction Volume Down 95% since Early May

The drop in non-fungible token sales that began in early May seems to be continuing into June.Finance Magnates previously reported that according to data...

Index Publisher MSCI Mulling Idea to Launch Crypto Indexes

In a move similar to that being considered by MSCI, the S&P Dow Jones has already launched its index for the duo of Bitcoin...

Finixio Acquires FX Media Outlet ForexCrunch.com

ForexCrunch.com, an FX industry media outlet, has been acquired by Finixio that runs a network of comparison brands, Forex Crunch founder Yohay Elam told Finance...

How Upgraded Interfaces Are Building Virtual Bridges And Connecting Traders

Despite daily trading volumes in the hundreds of billions, cryptocurrency traders have often been forced to settle with non-satisfactory interfaces, lacking the many tools...