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The expansion of Korean Solana receives a $ 20 million boost

News related to Solana has appeared in several headlines in recent months. The blockchain chain now appears to be making great strides in Korea, with significant funding for the surrounding ecosystem.

“As one of the largest digital currency markets in the world, Korea has an extraordinarily high rate of digital currency adoption,” a representative of Korean firm ROK Capital told Cointelegraph. “By expanding the Solana ecosystem in Korea, we hope to increase knowledge and the adoption of decentralized applications in the Solana ecosystem, as well as encourage and incubate local teams to build on Solana.”

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

“In addition to injecting capital, this new fund will provide customized services for projects to be successfully accelerated in Korea,” said Brain Kang, general partner of ROK Capital.

“By partnering with Solana, the firm expects to launch a variety of Solana-focused infrastructure projects, including those related to Web3, Defi and NFT,” the ROK Capital statement says. “The focus will be on accelerating Solana’s expansion into the Korean market,” the statement added, which later noted the additional involvement of DeSpread and FactBlock.

Earlier this morning, he brought news of another effort to stimulate the Solana ecosystem, called the Solverse Accelerator. The initiative, which has the support of at least 21 companies, will provide tutorials and other resources in support of projects based on the Solana network. Wednesday also saw the opening of a Solana-based market for non-fungible tokens, or NFTs, called Metaplex.

Solana’s native currency, SOL, ranks 16th on the CoinMarketCap ranking list at a price of $ 39.01 per coin at the time of publication, with a market capitalization of approximately $ 10.6 billion.

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