South Korea is one of the most crypto-friendly countries in the world. The new initiative, the metaverse fund, is a testament to South Korea’s dedication to the metaverse and cryptocurrencies.
The metaverse fund will be the government’s way of supporting new firms entering the metaverse.
The Ministry of Science and ICT announced that 24 billion Korean Won ($18.1 million) will be invested in the fund, making the total accumulation of over 40 billion Korean Won ($30.2 million).
South Korea is devoted to aiding mergers and acquisitions of different firms in the metaverse, which boosts the country’s progress. The fund was made following the rising interest of major tech companies in the metaverse.
South Korea understands the difficulty of raising capital in the local market through private investments. Companies had been avoiding investing in such fields due to the volatile nature of cryptocurrencies. Hence, the country created the metaverse fund to help companies in this field.
More than mergers and acquisitions, the government plans on helping small companies compete against global players in the metaverse ecosystem.
South Korea’s experiences in the Web3 space
While governments, such as the United States, are fighting to control Web3 and ‘legitimize’ it, South Korea has been one of the progressive leaders in the field.
Last January, Seoul, the capital city of South Korea, spent about 2 billion Won ($1.6 million) in making the now active Metaverse Seoul. The project was the world’s first city-backed public metaverse platform. It aimed to offer touristic and administrative services to the public in a way that was not accessible before.
South Korea is also keen on protecting assets, such as checks and balances, especially from cross-border threats in the physical world, such as North Korean hacking groups. It led the government to release a crypto-tracking system in February that detects theft or foul play.
The efforts of South Korea in the field can be realized easily. We believe that lots of countries will present the same effort in the Web3 world.