The Solana Foundation cooperated with ROK Capital, a large-scale blockchain accelerator in South Korea, to collectively launch a $20 million fund to increase Solana’s blockchain ecosystem in South Korea.
Solana was based in 2017 as a utterly open-source public blockchain designed to present decentralised finance (DeFi) options in a scalable method.
The cooperation with Korean corporations will assist Solana increase its native affect. Some tasks have acquired funding, together with Mercurial Finance, Synthetify, Symmetry, and Parrot.
South Korea is one in all the world’s largest cryptocurrency markets, and its cryptocurrency penetration price could be very excessive. According to statistics, a research shows 23.6% of South Korean school college students are investing in cryptocurrencies.
Therefore, the fund believes that selecting South Korea as a base will successfully elevate consciousness from the public and enhance the adoption price of decentralised functions on the Solana ecosystem.
ROK Capital General Partner Brian Kang said that:
“Solana is one in all the fastest-growing networks in the business, and in addition to injecting capital, this new fund will present tailor-made companies for tasks to efficiently speed up in Korea.”
ROK Capital indicated that it hopes to information a collection of tasks associated to the Solana community’s primary Web3, decentralised finance (DeFi), and non-fungible token (NFT).
In addition, the fund can also be supported by blockchain consulting agency FactBlock and Korean accelerator DeSpread.
According to Coinmarketcap, Solana’s native token SOL ranks as the fifteenth largest cryptocurrency, with a market capitalisation of $10,228,021,209. It has elevated 25.02% throughout the final 7days. During the intraday, it was buying and selling at $37.03.
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