Solana launches $100 million fund for South Korea’s Web3 startups

Solana Ventures and Solana Foundation have launched a $100 million fund for crypto startups in South Korea. The fund will focus on startups engaged in gaming, non-fungible tokens (NFTs) and decentralized finance (DeFi). Along with this, Solana will also provide product and engineering help to these startups.

Johnny B. Lee, general manager of the Solana Foundation, told TechCrunch Report I told that this fund will be mainly for Solana based projects in South Korea. It will also help projects that were previously based on Terra. “South Korea is a leader in Web 3 game design and development, and we will help developers bring their ideas to reality,” Lee said.

even before Solana has launched some funds. In November last year, it formed a $100 million gaming fund with FTX and Lightspeed Venture Partners. After this, it started a fund of $ 150 million with Forte and Griffin Gaming Partners. Transactions on Solana use very little energy compared to other platforms like it. In a report, Solana claimed that Google’s two searches consume more energy than one transaction. Solana’s transactions use 24 times less energy than charging a mobile phone for an hour. The report stated that Solana’s annual energy consumption is 3,186,000 kilowatt hours (kWh). One Solana transaction consumes 1,837 Joules of energy, while two Google searches take 2,160 Joules of energy. In terms of crypto, one Bitcoin transaction consumes 6,995,592,000 Joules of energy.

Last year Solana launched its beta network. Its crypto token is SOL. The Solana Foundation says it will issue regular reports on its electricity consumption. Along with this, eco-friendly activities will also be promoted. Many countries have expressed apprehension about the high consumption of electricity in crypto activities. Because of this, there is also a demand to control crypto networks. <!–


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