South Korea’s Daesung Group enters the market. metaverse Launched an $84 million fund for companies operating in the ecosystem.
The fund is the largest Metaverse grant in the history of South Korea and will be operated by Daesung Venture Investment Co. Ltd, a subsidiary of local media outlet Daesung Group. Nucis report. According to the private equity firm, the Taisei Metaverse Scale-Up Fund will: Distributed ledger technology (DLT), Artificial Intelligence (AI), Augmented Reality (XR).
Korea Venture Investment Corp contributed $46 million to the fund, and Industrial Bank of Korea (IBK), Shinhan Capital Co. Ltd, and other subsidiaries of Daesung Group invested in the Metaverse Fund. From the oil and gas sector, energy conglomerates Web3 Through strategic investments in the ecosystem.
Daesung Private Equity has invested in Upbit’s parent company, Dunamu, and game company KRAFTON, makers of PUBG: Battlegrounds. The company has also funded companies such as Lidi, Riid, Innosimulation and Shiftup, which it believes are within the reach of professionals to reach unicorn status.
“We plan to actively support the growth of representative metaverse companies that are driving the global market, from early stage companies to scale-up companies in the metaverse field. Our goal is to expand the scope and scale of our business.” the fund manager said.
Younghoon David Kim, Chairman of Daesung Group, said:
The launch of the Metaverse Fund brings the total number of funds managed by the VC firm to 16. Today, total company assets under its management exceed $311 billion.
South Korea lights the way for Metaverse development
South Korea has kept its distance from the rest of the world, contending for the top spot in Metaverse development. The pro-digital asset regime, led by President Yoon Suk-yeol, has issued several regulations for the growth of the industry, the latest being National Metaverse Strategy.
The country’s Ministry of Science, Technology and Information and Communications (MSIT) has also identified ethical principles to guide industry growth while preventing abuse by bad actors. Under the non-binding framework, metaverse service providers are expected to adhere to the principles of authenticity, inclusiveness, respect for privacy, and fairness.
In February, the Ministry of Foreign Affairs $172 million provides funding to grow the local virtual world ecosystem while aiming to become a leading region in Metaverse adoption.
Watch: BSV Global Blockchain Convention Presentation, Masters of the Metaverse
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