Rebecca Moen
18 Jul 2024 07:46
The Say Foundation aims to foster Japanese cryptocurrency startups by launching a $50 million Japanese ecosystem fund that supports Web 3.0 games, social, and entertainment.
Sei Foundation announced the launch of the Japan Ecosystem Fund, a $50 million fund aimed at accelerating the growth of crypto startups in Japan. Unveiled at the inaugural “Sei Web3 Day for Japan” event in Tokyo, the initiative is designed to provide significant support to early-stage startups and existing teams looking to scale operations on the Sei Network.
Promoting ecosystem development and social impact
The fund’s initial focus will be on Web3 gaming, social, and entertainment use cases. Sei V2, known to be the most performant blockchain on the EVM to date, aims to open up a new design space for consumer-facing blockchain applications. However, as new use cases emerge in Japan, the fund may invest in projects with significant utility outside of these domains.
The Sei Foundation officially introduced the fund at the “Sei Web3 Day for Japan” event co-hosted by Kudasai, New Economy, and CryptoBase. The event featured over 20 Japanese companies as speakers and served as a platform to strengthen relationships within the local industry. This initiative highlights Sei’s commitment to fostering a thriving Japanese Web3 market.
Focus on promising investment areas
The ecosystem fund aims to attract local talent and identify promising Japanese startups, which is in line with Sei Foundation’s goal of expanding the Sei ecosystem. Justin Barlow, Sei Foundation’s BD and Investment Director, highlighted the growth potential of the Japanese market, particularly in the gaming, social and entertainment industries. “Japan has always been a leader in gaming, social and entertainment, and we are excited about the potential of new crypto startups blossoming in Japan,” Barlow said.
How to apply?
Startup teams and individuals working on gaming, social, or entertainment use cases in the Japanese market are encouraged to apply for funding. Applications can be submitted here.
NOTE: This announcement is for informational purposes only and does not constitute financial advice. Please conduct your own research and evaluation before engaging in a project. Investing in commercial ventures carries unique challenges and risks. The Foundation will take a careful and deliberate approach and invest only in companies that align with the Foundation’s values. All investment returns will be circulated back into the grant program to support future builders sustainably.
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