The Solana Foundation has partnered with ROK Capital, a major blockchain accelerator in South Korea, to jointly launch a $ 20 million fund to expand Solana’s blockchain ecosystem in South Korea.
Solana was founded in 2017 as a fully open source public blockchain designed to provide decentralized funding (DeFi) Solutions scalable.
Working with Korean companies will help Solana expand its local influence. Several projects have been funded, including Mercurial Finance, Synthetify, Symmetry and Parrot.
South Korea is one of the largest cryptocurrency markets in the world and its cryptocurrency penetration rate is very high. According to statistics, 23.6% of South Korean college students invest in Cryptocurrencies.
Hence, the Fund believes that choosing South Korea as a base will effectively raise public awareness and increase the acceptance of decentralized applications in the Solana ecosystem.
Brian Kang, General Partner of ROK Capital stated:
“Solana is one of the fastest growing networks in the industry and this new fund will not only provide capital but also provide bespoke services to successfully accelerate projects in Korea.”
ROK Capital said it hopes to lead a number of projects related to the basic Web3 of the Solana network, decentralized funding (DeFi) and the non-fungible token (NFT).
In addition, the fund is also supported by the blockchain consulting firm FactBlock and the Korean accelerator DeSpread.
According to Coinmarketcap, Solana’s native token SOL is the 15th largest cryptocurrency with a market capitalization of $ 10,228,021,209. It has increased 25.02% in the past 7 days. It traded at $ 37.03 during the intraday price.
Image source: Shutterstock