South Korea’s ROK Capital and Solana foundation launch a new $20 million funding to give a much-needed boost to Solana’s blockchain ecosystem.
Korea prominent blockchain accelerating group ROK Capital has collaborated with the Solana Foundation to launch a $20million fund to improve the Solana blockchain project. The main goal is to create the blockchain project by improving different components, including those which are related to Non Fungible Tokens, Web3 and Decentralized Finance.
South Korea’s ROK Capital and Solana Foundation launch a $20 million fund
Solana is a web-based blockchain that provides scalable, secure, fast and decentralized marketplaces and applications. Solana manages to provide all this by engaging the intra-shard parallelism, the Solana’s network provides different projects to compute a massive amount of digital contracts at a given instance.
The Solana Foundation’s main objective is to speed up the development process by employing a nominated $20 million fund. The latest development is disclosed after a partnership with the South Korean Blockchain company ROK Capital, a community-centred organization DeSpread, and the blockchain accelerator / consulting company FactBlock.
The announcement communicated with the digital asset focused news outlet, Crypto Potato, states the Solana Foundation and ROK Capital are aiming to aid a wide range of infrastructure-based Solana’s projects, which includes projects related to Non Fungible Tokens, Web3 and Decentralized Finance.
The partnership will also allow Solana as a company to grow its domestic presence in South Korea, as Solana is considered as among the quickest growing blockchain networks in the market and injecting funds will supply assistance for the plan of action to accelerate in South Korea with flying colours according to the Brian Kang of ROK Capital.
Financing via the $20 million fund
The public relation team of Solana Foundation has conveyed that the recent fund has already been assigned to various projects, which include Synthetify, Parrot, Mercurial Finance and Symmetry. The fund has additionally invested in the DEX Serum.
President of the Foundation, Anatoly Yakovenko, explained ROK Capital is a solid partner for Solana at the time of significant expansion. The President further carried on stating that the teams are very much looking ahead to collaborate with the recent fund to assist more team building and entrepreneurs.