South Korea launches Metaverse Fund to expedite domestic initiatives

While immoderate planetary economies got distracted by the commotion astir terms instability and ecosystem collapses successful crypto, South Korea doubled down connected the imaginable of the metaverse arsenic a caller economical maturation engine.

South Korea’s Ministry of Science and ICT announced investments into a money dedicated to driving metaverse initiatives successful the country. According to the authoritative announcement, the South Korean authorities invested astir $18.1 cardinal (24 cardinal Korean won) with the extremity of creating a money of much than 40 cardinal Korean won (approximately $30.2 million) toward metaverse development.

With the assistance of the Metaverse Fund, South Korea volition enactment the mergers and acquisitions of assorted firms from the metaverse ecosystem. The authorities sufficed this determination by highlighting the rising involvement of large tech companies successful Metaverse.

Related: South Korea to analyse crypto staking services pursuing the Kraken case

The authorities agrees that considering the underlying concern risks, it is hard for section players to rise superior done backstage investments. As a result, successful summation to mergers and acquisitions, South Korea intends to assistance home metaverse-related companies vie with planetary players, adding that “we program to actively enactment it.”

Metaverse Seoul screenshots. Source: opengov.seoul.go.kr

In January, the metropolis of Seoul launched a integer replica of the city successful the metaverse. As Cointelegraph reported, the South Korean authorities spent astir 2 cardinal won — $1.6 cardinal — for the archetypal signifier of the metaverse project.

However, successful the carnal world, South Korea continues to support checks and balances connected cross-border threats. In February, the state announced its archetypal autarkic sanctions related to cryptocurrency thefts and cyberattacks against circumstantial North Korean groups and individuals.