certify
Home arrow Article arrow Article Detail

South Korea launched the 24 billion Korean won "Metaverse Fund" to aid local projects

Profile Image

Indrani bose Follow

INDIA

Mar, 17 2023

Mar, 17 2023

likes | comments 0

Article Image

A fund dedicated to driving metaverse initiatives in South Korea has been recently established by the Ministry of Science and ICT. 

 

An official release states that 24 billion Korean won ($18.1 million) was spent by the South Korean government to establish a fund of over 40 billion Korean won ($30.2 million) for metaverse development. 

 

The Metaverse Fund will assist South Korea in supporting mergers and acquisitions within the metaverse ecosystem. To justify its participation in the fund, the government emphasized the growing enthusiasm of major technology firms for the metaverse.  

 

Given the underlying investment risks, local players find it difficult to raise capital through private investments. 

 

Hence, South Korea plans to actively assist local metaverse-related enterprises to compete with global players through mergers and acquisitions and is planning to activate it. The virtual version of Seoul was unveiled in January.  

 

The South Korean government spent about 2 billion won ($1.6 million) on the metaverse's initial phase. There are still checks and balances in place in South Korea to prevent physical cross-border threats. For the first time ever, the United States sanctioned individuals and organizations in North Korea in February for their roles in the theft and hacking of cryptocurrencies.


likes | comments 0

Profile Image

Indrani bose

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
Animoca Ventures leads $1M seed funding round for Narwhal Finance

With participation from Hailstone Ventures and various angel investors, Narwhal Finance which is a decentralized cross-market perpetual trading platform built on BNB Chain and Arbitrum has announced;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.