The Solana Foundation has partnered with the large South Korean blockchain accelerator ROK Capital to launch a $20 million fund. It aims to develop the Solana blockchain ecosystem by enhancing various projects, including those related to DeFi, NFTs, and Web3.
Solana and ROK Capital Launch a $20M Fund
Founded in 2017, Solana is a web-scale blockchain providing “fast, secure, scalable, and decentralized applications and marketplaces.” By employing the intra-shard parallelism, Solana’s network enables various projects to process a large number of smart contracts at once.
The Foundation behind the protocol aims to accelerate the development stages through a designated fund. It comes after a collaboration with the blockchain-oriented Korean organization – ROK Capital, the DLT consulting firm FactBlock, and the community-based company DeSpread.
The statement shared with CryptoPotato reads that both parties aim to “bootstrap a range of Solana-focused infrastructure projects, including those related to Web3, DeFi, and NFTs.”
By partnering with a Korean entity, the fund will also enable Solana to expand its local presence.
“We are excited to join the Solana ecosystem as their local partner in Korea. Solana is one of the fastest-growing networks in the industry, and in addition to injecting capital, this new fund will provide tailored services for projects to successfully accelerate in Korea.” – commented ROK Capital General Partner Brian Kang.
Investments Through the Fund
The PR further informed that the newly-established fund had already allocated funds in several projects. Those include Mercurial Finance, Synthetify, Symmetry, and Parrot.
It also invested in Serum – the popular decentralized exchange (DEX), which is actually built as a permissionless network on top of Solana.
Anatoly Yakovenko, the President of the Solana Foundation, described ROK Capital as the “strong partner” his project needed in such a notable moment of expansion. He added that his team looks forward to “working with the new fund to support more entrepreneurs and teams building on Solana.”