ROK Capital, a leading blockchain accelerator group based in Korea, has partnered with Solana Foundation to launch a $20 million fund aimed at developing the Solana blockchain ecosystem.
The role of accelerators in the crypto and blockchain space has been critical, especially at a time when competition to race to the market with a minimum viable product has been tough among blockchain startups, hence the need for focused ecosystem funds and developer-friendly grants.
ROK Capital is a team founded by a group of blockchain experts with over 20 years of experience in the Korean market, ranging from banking, technology, marketing, and media. The firm is behind the launch of startups such as Acala, SolStarter, and Clover.
According to an official press release shared with the CryptoDaily team, the partnership will oversee Solana’s expansion into the Korean crypto and blockchain market, with blockchain consulting firm FactBlock and community-based accelerator DeSpread joining in the initiative as partners.
“We are excited to join the Solana ecosystem as their local partner in Korea,” shared ROK Capital General Partner Brian Kang. “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.” Kang adds.
The accelerator group is looking to boost development of Solana’s blockchain ecosystem by engaging in research on infrastructure projects, with a particular focus on Web3, DeFi, and NFTs.
“ROK Capital has been a strong partner to ecosystem companies, helping projects launch and secure capital […] we look forward to working with the new fund to support more entrepreneurs and teams building on Solana.” shared Solana Foundation President Anatoly Yakovenko.
Through the Solana Eco Fund, ROK Capital will diversify investments in several projects including Mercurial Finance, Synthetify, Symmetry, and Parrot. It has also provided support for bootstrapping Serum, a decentralized exchange (DEX) and fully permissionless ecosystem built on Solana that brings intra-shard parallelism scalability, composability, efficient throughput, and lowered transaction fees for the decentralized finance sector.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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