Launching the Metaverse Fund, South Korea will support acquisitions of different companies in the metaverse ecosystem.
‘Metaverse Fund’ Was Launched in South Korea to Accelerate Domestic Initiatives
At the time when some global economies have been distracted by price volatility and excitement around the collapse of some crypto ecosystems, South Korea has doubled down on the metaverse’s potential. South Korea’s Ministry of Science and ICT has recently announced an investment in a fund dedicated to boosting the country’s Metaverse initiative.
The latest reports showed that the South Кorean government has invested 24 billion won (US$18.1 million) to set up a fund worth more than 40 billion won (US$30.2 million) for the development of the Metaverse. The government has cited growing interest in the Metaverse from large tech companies as a reason to invest in the fund.
In its announcement the government stated that it is difficult for local players to raise capital through private investments, given the underlying investment risks. In order to solve this problem once and for all, South Кorea plans to help domestic metaverse-related companies compete with global players.
Seoul launched a digital replica of the city in the metaverse in January. According to Cointelegraph’s reports, the South Кorean government spent about 2 billion won ($1.6 million) on the first phase of the Metaverse project. Nevertheless, South Кorea continues to control cross-border threats in the physical world. Last month the government announced its first independent sanctions related to cryptocurrency theft and cyberattacks against certain North Korean groups and individuals.
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