Solana Commits $100M to Support South Korean Crypto Projects

The fund, created by Solana Ventures and the Solana Foundation, will focus on virtual gaming and will invest in NFT and DeFi projects.

AccessTimeIconJun 8, 2022 at 3:17 a.m. UTC
Updated May 11, 2023 at 4:15 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Solana will pump up to $100 million into South Korean crypto startups as it looks to penetrate a developer market still reeling from last month’s Terra ecosystem collapse.

Two key players in the speedy network’s ecosystem, Solana Ventures and the Solana Foundation, will seed investments and grants “across all Web 3 verticals,” a press release said. But their emphasis will be on courting South Korea’s crypto games development sector.

The weeks-old funding effort puts Solana in direct competition with Polygon, Avalanche and other smart contract platforms all gunning for Korea’s trove of orphaned crypto developers. It’s unclear how many Terra developers will return to the ecosystem after its May implosion wiped out billions of dollars in wealth.

“It's not only due to the drastic crash” in twin tokens terraUSD and LUNA that developers are balking at Terra 2.0, said Jaemin Park, a growth manager at DeSpread. “But also people's perception that the chain has 'key person' risk, as well as doubts that if their dapps would have any meaningful user base since the fundamental community has almost evaporated.”

While the Solana funding will spread across Web 3 projects, it will have special focus on bolstering Korea-based blockchain game developers, according to Austin Federa, head of Communications for the Solana Foundation. South Korea’s gaming sector overall was valued at over $15 billion in 2021. The idea is to harness at least some of that potential for crypto games, too.

“They know how to build stuff over there. Big beautiful games. It’s really something to see,” a source formerly at Solana Labs told CoinDesk.

Solana also plans to get face time with Korea’s developer community via a hacker house planned for early August.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Danny Nelson

Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.