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Solana Ventures Raises Fund to Help Battered Korean Crypto Scene

  • The $100 million fund is dedicated to gaming and DeFi projects
  • Developers in nation were hurt by Terra’s recent collapse

Solana Ventures and the Solana Foundation said Tuesday that they’ve launched a $100 million investment and grant fund to support crypto projects in South Korea, a country whose digital-currency scene has been ravaged by the collapse of the Terra blockchain that had operations there.

The fund is mainly meant to help projects in the country based on Solana. But it will also support crypto projects based on Terra that were stranded by the blockchain’s collapse, according to Johnny B. Lee, general manager of games for the Solana Foundation. Some platforms once based on Terra are now migrating over to different blockchains like Solana.