Solana Ventures Launches $100 Million Fund Focused on Web3 Projects in South Korea – Bitcoin News

Solana Ventures announces the launch of $100 million to fund Web3 startup in South Korea. According to Solana Labs’ general manager Johnny Lee, the capital will be dedicated to non-fungible tokens (NFTs), decentralized finance (defi), and game finance (gamefi) development.

Solana Ventures Launches $100 million Web3 Fund to Find Talent and Innovative Startups in South Korea

The smart contract protocol Solana is being promoted by the developers behind it. They plan to increase their reach into South Korea through a Web3 fund of $100 million for startups and developers who create Web3 projects.

Solana Labs’ general manager Johnny Lee told Techcrunch reporter Jacquelyn Melinek that the fund will focus on Web3 applications that revolve around NFTs, defi, blockchain gaming concepts, and gamefi.

Austin Federa, the head of communications at Solana Labs, explained to Melinek that the fund stems from the Solana community treasury and Solana Ventures’ pool of capital.

Solana Ventures (the investment arm of Solana Labs) explained that South Korea is a big fan of gaming tokens. Lee detailed that a lion’s share of NFT and gaming activities on the Solana network derive from the East Asian country.

“A big portion of Korea’s gaming industry is moving into web3,” Lee detailed on Wednesday. “We want to be flexible; there’s a wide range of project sizes, team sizes, so some of [our investments] will be venture-sized checks,” the Solana Labs general manager remarked.

Solana’s native token solana (SOL) is in the top ten crypto market positions in ninth place in terms of capitalization. SOL’s $13.22 billion market capitalization represents 1.03% of the crypto economy’s $1.290 trillion market valuation.

SOL is however down by 39.2% in the last month, and was down 19.6% during the previous two weeks. Solana comes fifth on the list for total value locked in defi (TVL), at $3.76 billion. Solana’s TVL in defi has lost 33.96% in the past month, according to defillama.com statistics.

Solana also experienced another outage on the network, when it stopped block production in June. Solana Ventures in partnership Griffin Gaming and Forte launched a $150m fund to support Web3 products.

Amid the announcement concerning Solana Ventures’ latest fund focused on South Korea and Web3 development, Lee said he expects Solana to showcase “high-quality and fun games” during the last two quarters of 2022.

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Jamie Redman, a Florida-based financial journalist and news lead at Bitcoin.com News is Jamie Redman. Redman is an active participant in the cryptocurrency community from 2011. Redman is passionate about Bitcoin and open-source codes. Redman has contributed more than 5,000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.