The Solana Foundation cooperated with ROK Capital, a large-scale 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 completely open-source public blockchain designed to provide decentralised finance (DeFi) solutions in a scalable manner.
The cooperation with Korean companies will help Solana expand its local influence. Some projects have received funding, including Mercurial Finance, Synthetify, Symmetry, and Parrot.
South Korea is one of the world’s largest cryptocurrency markets, and its cryptocurrency penetration rate is very high. According to statistics, a study shows 23.6% of South Korean college students are investing in cryptocurrencies.
Therefore, the fund believes that choosing South Korea as a base will effectively raise awareness from the public and increase the adoption rate of decentralised applications on the Solana ecosystem.
ROK Capital General Partner Brian Kang stated that:
“Solana is one of the fastest-growing networks in the industry, and in addition to injecting capital, this new fund will provide tailored services for projects to successfully accelerate in Korea.”
ROK Capital indicated that it hopes to guide a series of projects related to the Solana network’s basic Web3, decentralised finance (DeFi), and non-fungible token (NFT).
In addition, the fund is also supported by blockchain consulting firm FactBlock and Korean accelerator DeSpread.
According to Coinmarketcap, Solana’s native token SOL ranks as the 15th largest cryptocurrency, with a market capitalisation of $10,228,021,209. It has increased 25.02% during the last 7days. During the intraday, it was trading at $37.03.Image source: Shutterstock