Solana has committed $100 million to fund crypto startups in South Korea.
Solana Ventures and Solana Foundation are working together to invest “across all Web3 verticals,” their press release said. But their main focus will be on crypto games development.
They’re putting their money where the value is. The country’s gaming sector was valued at over $15 billion in 2021.
“A big portion of Korea’s gaming industry is moving into web3. We want to be flexible; there’s a wide range of project sizes, team sizes, so some of [our investments] will be venture-sized checks,” Johnny Lee of Solana Labs said.
By investing in South Korea, Solana is now in competition with Polygon, Avalanche, and more, who are all aiming to work with Korean developers.