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Solana Raises $100 Million to Support Crypto Projects in South Korea

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Solana Ventures and the Solana Foundation have unveiled a $100 million investment and grant fund to help develop crypto projects in South Korea. The initiative also has the potential to attract developers and companies to the Solana blockchain, which has recently experienced major technical difficulties, including a six-hour outage.

Attempt to revive the South Korean crypto ecosystem

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The multi-million dollar fund will be mainly distributed to projects based on Solana and Terra. The latter made headlines last month after prices for its native LUNA token and algorithmic stablecoin UST plunged to near zero. Thus, many Korean platforms have moved from Terra to other blockchain networks.

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Johnny Lee, general manager of games at the Solana Foundation, said these developers need help as they can’t be blamed for what happened:

“The developers didn’t do anything wrong, but they were left in the lurch.”

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In addition, Solana-based projects also need support. Earlier this month, the network experienced an outage that took it out of service for more than six hours, and the team explained the problem:

“Earlier today, a bug in the robust one-time transactions feature resulted in non-determinism, with nodes generating different results for the same block, hindering network development.”

Solana last November partner with crypto exchange FTX to launch another $100 million fund focused on blockchain-based games. The initiative, called GameFi, will support startups that integrate the Solana blockchain into video games on desktop and mobile platforms.


Korea still wants to be a crypto hub

It is safe to say that the recent negative events around Terra have seriously hurt the South Korean cryptocurrency scene. However, the country has shown its ambition to become the hub of the digital asset industry.

Newly elected president Yoon Suk-yeol presented himself as a strong supporter of the sector, promising to allow initial coin offerings (ICOs).

He also promised to increase the minimum threshold for paying capital gains from crypto investment income. Investors are currently required to pay taxes if they make profits above $2,000 per year, while the leader insisted that this should happen if profits exceeded $40,000 per year.

Last month, the presidential administration announced that it would finalize the regulatory framework for cryptocurrencies in 2023 and put it into effect in 2024. Lawmakers also said yes to the Bank of Korea’s push to issue a central bank digital currency (CBDC) next year.

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