Solana Foundation, $100 Million Investment Fund for South Korea's Cryptocurrency Industry

Bithumb Customer Center, Seocho-gu, Seoul [Photo by Yonhap News]

[Asia Economy Reporter Kim Daehyun] The issuer of the cryptocurrency Solana has established a $100 million (approximately 125.6 billion KRW) fund to support the Korean cryptocurrency industry, which is struggling due to the collapse of the stablecoin TerraUSD (UST) and its sister cryptocurrency Luna.

According to Bloomberg on the 8th, Solana Foundation, the issuer of Solana, and the related fund Solana Ventures announced that they would make a $100 million investment and support cryptocurrency projects in Korea.

This support is aimed at Solana-based projects in Korea, including decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs). However, it is also expected to be used for Terra-based projects that have been struggling since the UST failure. Additionally, it is anticipated to be utilized to attract developers and startups to the Solana blockchain, which has faced difficulties due to multiple outages.

According to the cryptocurrency information site CoinMarketCap, Solana's market capitalization as of this date is approximately $13.2 billion (about 16.6 trillion KRW), ranking 9th in the cryptocurrency market capitalization rankings. The Solana Foundation headquarters is located in Switzerland.

Previously, UST's system, which maintained a fixed value of $1 per coin, collapsed last month, causing its price to plummet. This shook the entire cryptocurrency market, and the Solana coin also suffered significant damage.

This content was produced with the assistance of AI translation services.