Solana’s expansion plans to Korea on track, as the firm gets $20 million support
Solana Foundation is collaborating with blockchain fund ROK Capital to expand its ecosystem to Korea.
According to ROK Capital, the deal hopes to drive Solana-based infrastructure projects in decentralized finance (DeFi) and Web 3. Solana (SOL/USD) has also received $20 million as a fund for the project from ROK Capital. The fund is also backed by Korean accelerator DeSpread and blockchain consulting firm FactBlock.
Brian Kang, Rock Capital’s general partner, stated that the company is injecting the capital into Solana because of the huge significance of the upcoming project. He added,
This new fund will provide tailored services for projects to successfully accelerate in Korea.
The fund will be used to enhance NFT and DeFi projects
The funding is coming only a few weeks after Solana received a $60 million fund from the likes of Gate.io and Hacken to support its expansion projects in Ukraine, India, and Brazil.
With the $20 million funding, Solana hopes to enhance various projects, including those related to Web3, NFTs, and DeFi.
Solana is a web-scale blockchain that was established in 2017. It provides scalable, fast, and secure DeFi-based applications. The network also provides the platform for several other projects to execute a large number of smart contracts simultaneously.
Fund already invested in numerous projects
Kang also stated that the fund has started serving its purpose already, with some of it allocated in several projects. This includes Parrot, Symmetry, Synthetify, and Mercurial Finance.
The fund has also been invested in decentralized exchange Serum, which was developed on top of Solana as a permissionless network.
President of Solana Foundation Anatoly Yakovenko has also commented on the partnership, describing it as an important collaboration the firm needs at this period of expansion. He stated that Solana is looking to support more teams and entrepreneurs building on Solana using the fund.
SOL, Solana’s native coin, is the 16th largest crypto asset when it comes to market capitalization.