Cryptocurrency News

Korean Solana expansion gets $20 million boost

news related to solana got many headlines in recent months. Blockchain is now headed for major advancements in Korea, with significant funding for the ecosystem around it.

“As one of the largest crypto markets globally, Korea has an exceptionally high adoption rate of cryptocurrencies,” a representative from Korean firm ROK Capital told Cointelegraph. “By expanding the Solana ecosystem to Korea, we hope to incentivize and incubate local teams to build on Solana, as well as increase awareness and adoption of decentralized applications on the Solana ecosystem.”

A new $20 million Solana Eco Fund – created by ROK Capital and the Solana Foundation – is now available to help pioneer the world of solutions around the Solana blockchain, said Thursday’s public statement provided to Cointelegraph. Several projects have already received funding, including Synthetify and Symmetry.

“In addition to raising capital, this new fund will provide tailored services for projects to successfully accelerate in Korea,” said Bren Kang, a general partner at ROK Capital.

“By partnering with Solana, the firm hopes to bootstrap a range of Solana-focused infrastructure projects, including projects related to Web3, DeFi and NFTs,” the statement from ROK Capital said. “The focus will be on accelerating Solana’s expansion into the Korean market,” the statement said, noting additional participation from Despread and FactBlock with the latter.

Earlier this morning brought news of news Another Solana ecosystem-inspired effort, labeled Solvers Accelerator. The initiative, which is supported by at least 21 companies, will provide advice and other resources in support of building projects on the Solana network. Wednesday also saw the inauguration of a Solana-based market for non-fungible tokens, or NFT, which is called metaplex.

Original Solana Coin, SOL, sits With a market cap of approximately $10.6 billion, ranked 16th on CoinMarketCap’s ranking list at $39.01 per coin at the time of publication.