Solana turned his attention to decentralizing finance in Southeast Asia through a new $ 5 million development fund.

The fund is created by Solana in partnership with the Vietnamese investment company Coin98 Ventures, so regional startups based on Solana receive technical, marketing and community support, as well as funding of up to $ 100,000. The fund will operate over the next three years, with a focus on projects in the Defi and Web3 domains, including markets, stock exchanges and other applications or tools.

This is one of the first scholarships to highlight a core area of ​​interest with a particular focus on Vietnam. Solana Foundation CEO Eric Williams:

“Our goal is to create an optimal environment for developers in Southeast Asia to create amazing things on Solana.”
According to the announcement, “project groups can be allocated, but they must have a physical presence in Southeast Asia.” The announcement says that if they weren’t there, they wouldn’t be eligible for the fund.

Williams explained that the fund partnered with Coin98 Ventures because of the technical and community support it can provide, adding that the key to the fund’s success is a combination of financial and technical support:

“Sometimes obstacles can be solved with extra money, and sometimes they cannot.”
DeFi is solidifying its strength in the Solana ecosystem, pushing trading volume to its highest level earlier this month.

Using Treasury bonds and fundraising campaigns to grow the ecosystem of blockchain developers is commonplace for applications already available on a number of blockchain networks, including Bitcoin, Ethereum, OkCoin, and Polkadot.

Last September, Polkadot received one of the largest financial improvements to date from digital asset development company RockX, which has invested $ 20 million to support the Polkadot ecosystem over the next five years.

Source: CoinTelegraph