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Solana Ventures announces new $150 million fund for blockchain games

Solana Ventures announces new $150 million fund for blockchain games

Solana Ventures, the investment arm of Solana Labs, announced Tuesday a new $150 million fund to support blockchain-based gaming startups, according to Theblockcrypto.

The fund was launched in partnership with Forte, a blockchain-based gaming startup that recently raised $725 million in new funding, and Griffin Gaming Partners, a gaming-focused venture capital firm that is a lead investor in Forte. The fund backed by the trio is denominated in dollars, not Solana tokens (SOL). It plans to invest in gaming startups running on the Solana blockchain. Solana Ventures says the network's bandwidth of 65,000 transactions per second and an average cost per transaction of $0.00025 make it an ideal blockchain for gaming applications. The new fund will invest in startup equity as well as token rounds and expects to fully roll out over the next 18 months, a spokesperson said. This is Solana Ventures' second fund focused on blockchain gaming. Last month, the firm launched a $100 million fund in partnership with Lightspeed Venture Partners and FTX.

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