Tuesday, February 7, 2023
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us
BitScoop
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • METAVERSE
  • WEB3
  • ANALYSIS
  • REGULATIONS
  • SCAM ALERT
CRYPTO MARKETCAP
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • METAVERSE
  • WEB3
  • ANALYSIS
  • REGULATIONS
  • SCAM ALERT
CRYPTO MARKETCAP
BitScoop
No Result
View All Result
Home Bitcoin

Solana To Help DeFi, NFT, And GameFi In South Korea With A $100M Fund

by BitScoop
June 10, 2022
in Bitcoin
Reading Time: 3 mins read
A A
0
Share on FacebookShare on Twitter


Solana (SOL) has created a $100Million fund to assist cryptocurrency initiatives within the nation. The primary sectors to learn from the fund are DeFi, gaming, and Non-fungible tokens (NFTs). Additionally, the fund is to assist some initiatives constructed on the Terra community after the horrible crash.

The Terra Community crash triggered a number of ache within the crypto neighborhood. One in every of its outcomes was that the South Korean authorities out of the blue arrange measures to look at crypto exchanges.

Based on a report, as much as 280,000 crypto traders in South Korea misplaced fortunes within the UST & LUNA plunge. However, many retail traders try to carry down the fort despite the fact that it’s tough.

Associated Studying | Bitcoin Miner Revenues Keep Low As Worth Decline Continues

The 2 gamers to seed grants and investments throughout Internet 3 verticals are Solana Basis and Solana Ventures. They may focus totally on South Korean recreation growth initiatives. This funding try will place Solana facet by facet with rivals similar to Avalanche, sensible contract platforms, and Polygon. These rivals are additionally inquisitive about profitable Korean crypto builders.

Nobody is aware of the variety of Terra builders that can return, given the latest crash. However because the Solana Basis famous, the builders shouldn’t be blamed for the Terra community crash. This opinion got here from Jonny B. Lee, the overall supervisor of the muse.

Solana Seeks To solidify Its place in Gaming Sector

One factor Solana goals to attain is to develop into a prime gaming blockchain, and this fund will make it occur. The corporate has invested a number of occasions into gaming since final yr.

One in every of such investments was its collaboration with Lightspeed Ventures and FTX to launch a $100M gaming fund. One other collaboration additionally exists between Solana, Griffin, and Forte gaming corporations. The three corporations created a $150M fund to facilitate blockchain gaming.

Solana and others anticipate that South Korea stems may quickly develop into a hub for metaverse and NFT developments. The reason being that the federal government of the nation helps the operations of the sector. It pledged $187 Million for constructing a Metaverse ecosystem to facilitate digital content material and firms within the nation.

So Solana Basis plans to extend curiosity in GameFi and DeFi in South Korea by way of the brand new fund. Additionally, by funding ecosystem development, Solana may handle the continual community instability that has stopped its community operation since 2021.

Solana To support DeFi, NFT, And GameFi in South Korea With A $100M Fund
Solana falls by 6% on the day chart | Supply: SOLUSD on TradingView

Presently, many corporations are competing to develop into one of the best platform in South Korea. Lots of the platforms provide entry to NFTs and DeFi. Such platforms embrace Upbit alternate and Klaytn Layer-one blockchain. Upbit is the most important alternate in South Korea with an NFT market. Klaytn additionally owns KLAYswap, a DeFi platform with $274 million in TVL.

Associated Studying | Bitcoin Decline Sees Funding Charges Plunge To Three-Month Lows

However the South Korean legislation prohibiting crypto and financial rewards from video games may forestall home corporations from launching blockchain-based video games within the nation.

Featured picture from Pexels, chart from TradingView.com





Source link

Related articles

Crypto Bank Juno Resumes Services After Pause

February 7, 2023

Ark Invest Expects Bitcoin to Become a Multitrillion-Dollar Market — Predicts BTC Price Could Reach $1.48 Million – Markets and Prices Bitcoin News

February 7, 2023
Tags: 100Maltcoinsbitcoin pricebitcoin updatesbitscoopcrypto newscrypto updatesDeFiFundGameFiKorealatest bitcoin newsNFTSolanaSouthsupport
Share76Tweet47
Previous Post

Overblown Feelings within the Crypto Area

Next Post

The Majority of Crypto Hedge Funds Will Go Out of Enterprise, Predicts Galaxy Digital CEO Mike Novogratz: Report

Related Posts

Crypto Bank Juno Resumes Services After Pause

by BitScoop
February 7, 2023
0

In addition to resuming its crypto services, the bank has also debuted several new features. Those include support for more...

Ark Invest Expects Bitcoin to Become a Multitrillion-Dollar Market — Predicts BTC Price Could Reach $1.48 Million – Markets and Prices Bitcoin News

by BitScoop
February 7, 2023
0

Investment management firm Ark Invest says bitcoin is “likely to scale into a multi-trillion dollar market.” In its new report,...

Render Token (RNDR) Price Prediction: Is $2 Achievable For This Digital Asset?

by BitScoop
February 6, 2023
0

Join Our Telegram channel to stay up to date on breaking news coverage Render Token (RNDR) price increased by 5%...

How Checks VV Drove The Latest ‘Open Edition’ NFT Meta

by BitScoop
February 6, 2023
0

Don’t check, verify. It’s one of the few resounding crypto-native statements that has stuck over the years. NFTs are like...

Bankrupt Lender Genesis and Parent DCG Reach Initial Agreement With Main Creditors: Source

by BitScoop
February 6, 2023
0

The term sheet also involves refinancing the outstanding loans where DCG borrowed $500 million in cash and about $100 million...

Load More
Next Post

The Majority of Crypto Hedge Funds Will Go Out of Enterprise, Predicts Galaxy Digital CEO Mike Novogratz: Report

KuCoin continues to develop, chasing down Binance and Coinbase

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest

Filecoin Creator Protocol Labs Announces Layoffs Amid Crypto Winter and Economic Downturn – Bitcoin News

February 5, 2023

Celsius Floats Possibility of Debt Token to Repay Creditors; Secures Court Approval to Process Customer Withdrawals – Bitcoin News

January 25, 2023

Poland’s Consumer Protection Agency Opens Case Against Cryptocurrency Exchange – Exchanges Bitcoin News

January 15, 2023

FBI seizes $100,000 in cryptocurrency and NFTs

February 4, 2023

Neobank N26 Exapnds Crypto Trading to 5 New Countries

January 17, 2023

Recent Gains in Some Cryptocurrencies Caused by Short Covering

January 10, 2023

Crypto Bank Juno Resumes Services After Pause

February 7, 2023

The Market Has Decided a Recession Is Coming, Says Mad Money’s Jim Cramer – Economics Bitcoin News

February 7, 2023

Ark Invest Expects Bitcoin to Become a Multitrillion-Dollar Market — Predicts BTC Price Could Reach $1.48 Million – Markets and Prices Bitcoin News

February 7, 2023

Render Token (RNDR) Price Prediction: Is $2 Achievable For This Digital Asset?

February 6, 2023

Crypto Miner At Record Bitcoin Production, Bear Market Over?

February 6, 2023

How Checks VV Drove The Latest ‘Open Edition’ NFT Meta

February 6, 2023
Facebook Twitter LinkedIn Tumblr
BitScoop

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at Bitscoop

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • Mining
  • NFT
  • Regulations
  • Scam Alert
  • Web3

SITE MAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Bitscoop.
Bitscoop is not responsible for the content of external sites.

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • METAVERSE
  • WEB3
  • ANALYSIS
  • REGULATIONS
  • SCAM ALERT

Copyright © 2022 - Bitscoop.
Bitscoop is not responsible for the content of external sites.