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Metaverse News Europe


South Korea launches ‘Metaverse Fund’ to expedite domestic initiatives

3/13/2023

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With the help of the Metaverse Fund, South Korea will support the mergers and acquisitions of various firms from the metaverse ecosystem.

While some global economies got distracted by the commotion around price instability and ecosystem collapses in crypto, South Korea doubled down on the metaverse’s potential as a new economic growth engine.

South Korea’s Ministry of Science and ICT announced investments in a fund dedicated to driving metaverse initiatives in the country. According to the official announcement, the South Korean government invested 24 billion Korean won ($18.1 million) to create a fund of more than 40 billion Korean won ($30.2 million) toward metaverse development.

With the help of the Metaverse Fund, South Korea will support the mergers and acquisitions of various firms in the metaverse ecosystem. The government cited the rising interest of major tech companies in the metaverse as a reason for investing in the fund.

The government agrees that it is difficult for local players to raise capital through private investments,considering the underlying investment risks. As a result, in addition to mergers and acquisitions, South Korea intends to help domestic metaverse-related companies compete with global players, adding that “we plan to actively support it.”

(...)

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  • Home
  • News
  • Nominations
    • Top Debut in Metaverse
    • Top European Metaverse
    • Top VC/Accelerator/Incubator
    • Top Blockchain Developer Services Provider
    • Top Blockchain Game of the Year
    • Top CVC Partner for Web 3.0/Metaverse
    • Top Corporate Partnership
    • Top Legal Firm or Services for Metaverse/Web 3.0 businesses
    • Top Avatar Design, Digital-Twin, or Identity Company
    • Top Cloud, Enterprise or Technology Partner
    • Top Partner for establishing early-stage presence in Metaverse
    • Most Innovative NFT Project
    • Top 3D Design Firm for Metaverse
    • Top Global City for Web 3.0/Metaverse Ecosystem
    • Top Fashion or Consumer Brand Initiative
    • Top Sports, or Events, Brand Initiative
    • Top B2B or Industrial Initiative in Metaverse
    • Top Wallet, or Digital Payment, ecosystem
    • Most Exciting StartUp or Early-stage Company
    • Top XR/AR/VR Firm for Metaverse
    • Top Consumer Hardware or Interface for Metaverse/Web 3.0
  • The Event
    • Agenda
    • Investors-ScaleUps Matchmaking
    • VIP Jury
    • Brella Event App & Networking
    • Venue
    • Exhibitors
    • Hotel Reservation
    • FAQs
    • Tickets
      • Pay via Credit Card
  • 2022 Summit&Awards
    • Photos 2022
    • Agenda 2022
    • Videos 2022
  • Contact