Solana Foundation Enters Korea with $20 Million Fund

The move indicates that the network is prepared to expand into different global locations, increasing their potential user base.

By
Utulu Hope
on
June 4, 2021
Category:
Breaking News

Introduction 

Big things keep happening in the Solana ecosystem. Their foundation has been expanding across major continents and they have set their sights on one of Asia’s powerhouses — Korea. To speed up the development of the Solana ecosystem in Korea, a $20 million fund has been launched in a partnership with blockchain firm ROK Capital. This funding came just weeks after the scalable blockchain raised $60 million to fund projects in Russia, Brazil, Ukraine, and India. 


ROK Capital Partners With Solana Foundation 

ROK Capital is the leading blockchain accelerator group in Korea. Its partnership with the Solana foundation promises to yield great results in developing the Solana blockchain ecosystem. The firm aims at using Solana’s influence to bootstrap projects, including Web3-based, decentralized finance (DeFi) projects, and Non-fungible Tokens (NFTs). 

The sole purpose of the $20 million funding is to accelerate Solana’s ecosystem in the Korean market. Brian Kang, ROK Capital’s general partner, expressed his excitement towards the collaboration and his subsequent plans to boost the Korean DeFi sector. He disclosed that ROK Capital is glad to contribute resources in supporting the Solana ecosystem, adding that it is a great pleasure to be their local partner.

In his words, “Solana is one of the fastest-growing networks in the industry, and in addition to injecting capital, the new fund will provide tailored services for projects to successfully accelerate in Korea.”

This positivity is encouraging for the community in Korea, which is a hub of development in technology.


Solana Foundation To Keep Funding Solana-based Projects

In response to ROK Capital’s support, President of the Solana Foundation, Anatoly Yakovenko, stated that they would keep doing their best to support more entrepreneurs and teams building on Solana. He also commended ROK Capital for being a solid partner in helping projects launch and secure capital. 

Source

ROK Capital has offered immense support when it comes to funding Solana-based projects. The firm has invested in Synthetify, Mercurial Finance, Symmetry, and most notably, Serum DEX. Their contributions have provoked other firms to give their full support for the Solana ecosystem. Companies like FactBlock and DeSpread — a blockchain firm and a community-based accelerator, have joined as partners for the ecosystem fund. These collaborations are proof of their belief in the network’s capabilities, which is crucial for the community in the country for growth. 


Closing Thoughts 

Recently, the Solana foundation drew $60 million in funds obtained from Hacken, Gate.io, Coin DCX, and BRZ to accelerate the growth of the Solana ecosystem in Brazil, Russia, India, and Ukraine, as earlier mentioned.  Previously, $100 million was also raised to support Solana-based projects in China. These activities, including the latest $20 million funding, indicate that Solana Foundation wants to improve Solana-based projects worldwide. Anatoly Yakovenko’s statement also proves that they are not stopping anytime soon. The goal remains to accelerate the expansion of the Solana ecosystem, and their recent actions indicate that goal is being attained.

Tags:
No items found.
Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer.