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

UTC by Bhushan Akolkar · 2 min read
South Korea’s Solana Foundation Launches $20 Million Fund to Boost Its Blockchain Ecosystem
Photo: Depositphotos

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.

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Bhushan Akolkar

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.

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