Solana Priorities Southeast Asia With Grants Scheme Worth $5 Million

The Solana Foundation has recently partnered up with Coin98 Ventures, an investment firm based in Vietnam. This partnership has seen Solana prioritize the decentralized finance space of Southeast Asia, starting a new development fund within the region worth $5 million in total.

Focusing On Southeast Asian Projects

Solana itself stands as a Layer 1 webscale blockchain, and will see to it that various startups within the region utilizing its blockchain will be capable of receiving marketing, technical, as well as community support. Alongside this, each startup can receive funding up to a total of $100,000.

The fund itself will prioritize the Web3 and DeFi spaces, in particular, and will span the next three years, and will be open for everything from dApps to marketplaces and exchanges, to other forms of tooling in the space.

With this, Solana has issued one of the first grants that specify a core region of interests and holds a particular focus in Vietnam in general. Eric Williams stands as the Executive Director of the Solana Foundation, and gave the mandatory public statement about the matter, as well.

He explained that the goal of this grants program is to develop optimal conditions for Southeast Asian developers in order to build “amazing things” within the Solana network.

Always Good Things To Say About Each Other

The announcement itself stipulated that one of the most important parts of these project teams in order to get a grant, is it needs to hold a physical presence within Southeast Asia. Other than that, the project teams themselves can be distributed, according to the announcement.

Of course, the mandatory kind words were quick to come. Williams stated that Coin98 Ventures were perfect for partnership with the foundation, citing its community and technical support it can provide. Williams stressed that a combination of technical and financial support stands as the key to this fund’s success in the future. To put it in its simplest form, Williams stated that extra money can sometimes solve some unexpected issue, but other times they can’t, with other methods needed to solve it.

Joining The Fold Of DeFi Programs

The Solana ecosystem is seeing a large increase in traction regarding the DeFi space, which itself is driving trading volumes within the network to new all-time highs just earlier this month.

Furthermore, boosting developer ecosystems within blockchains through fund campaigns and treasury is a pretty standard practice among these various blockchain networks. A range of these programs are already available on numerous networks, such as Ethereum, Bitcoin, Polkadot, and OKCoin.