Solana (SOL) Launches $20 Million Fund With ROK Capital to Expand Into the Korean Market
Solana Foundation and ROK Capital release a joint $20 million fund to enhance Solana-based developments on the Solana blockchain. According to a press release to BEG, the fund will specifically target South Korea’s involvement in Solana development and apps from the region.
Announced Thursday, the fund aims to boost the adoption of the fast and low-cost Solana blockchain and increase the development of decentralized applications on the blockchains. South Korea, in particular, has been a world-beater in the adoption of cryptocurrencies hence the distribution of the fund to the region, ROK representative said in the statement. He added,
“By expanding the Solana ecosystem in Korea, we hope to grow the awareness and adoption of decentralized applications on the Solana ecosystem as well as encourage and incubate local teams to build on Solana.”
The funding hopes to fire up Solana’s infrastructure extending to various sectors, including the Web3, NFT, and decentralized finance (DeFi) markets.
The fund is also supported by a blockchain consulting firm, FactBlock, and the Korean accelerator, DeSpread. According to the statement, several firms in Korea, including Mercurial Finance, Synthetify, Symmetry, and Parrot, have already received some funding from ROK Capital.
Earlier in January, the Solana Foundation partnered with Coin98 Ventures to raise a $5 million fund for Southeast Asian DeFi developers building on Solana.