Solana is targeting development in Southeast Asia with a $5M grant scheme

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The $5 million fund only requires initiatives with a geographic location in Southeast Asia to qualify for a grant that offers up to $100,000 plus technological and community funding.

Solana has turned its focus towards decentralized finance in Southeast Asia with a new $5 million development fund.

The Solana Foundation, in collaboration with Vietnam-based investment company Coin98 Projects, developed the Fund to provide technological, marketing and community support to regional start-ups building on Solana, as well as up to $100,000 in financing. The Fund will run for the next three years with a particular emphasis on DeFi and Web3 space ventures, including marketplaces, exchanges and other DApps or resources.

This is one of the first grants to identify a core area of concern, with a special emphasis on Vietnam. Eric Williams, Executive Director of the Solana Foundation:

“Our goal is to create the optimal conditions for developers in Southeast Asia to build amazing things on Solana.”

According to the announcement, “project teams may be distributed, but must have a physical presence in Southeast Asia.” The announcement made it clear that if they do not have a presence there, they will not be considered for the fund.

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Williams clarified that the foundation has worked with Coin98 Projects on the basis of the technological and cultural assistance they can offer, noting that the secret to the success of this fund is the mixture of financial and technical support:

“Sometimes hurdles can be solved with extra money, other times they cannot.”

DeFi is gaining traction within the Solana ecosystem, driving trading volume to all-time highs earlier this month.

Using treasuries to finance projects to improve developer communities inside blockchains is popular with programs currently accessible for a number of blockchain networks like Bitcoin, Ethereum, OkCoin and Polkadot.

In September last year, Polkadot got one of the greatest boosts to date, with Digital asset creation firm RockX pledging $20 million to fund the Polkadot ecosystem over the next five years.

 

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