In this metaverse news, we’ll learn that South Korea will use the Metaverse Fund to help companies in the metaverse ecosystem merge and buy each other.
South Korea put a lot of money into the idea that the metaverse could be a new engine for economic growth. This was done while other economies around the world were distracted by the price volatility and ecosystem breakdowns of cryptocurrencies.
South Korea’s Ministry of Science and Information and Communications Technology announced money for a fund that will help metaverse activities in the country move forward. According to the official statement, the South Korean government gave 24 billion Korean won to build a fund of more than 40 billion Korean won for the development of the metaverse.
With the help of the Metaverse Fund, South Korea will encourage companies in the metaverse ecosystem to merge or buy each other. As a reason for putting money into the fund, the government pointed out that big tech companies are becoming more interested in the metaverse.
The government agrees that it is hard for local players to get money from private investments because of the risks that come with them. In addition to mergers and acquisitions, South Korea plans to help domestic companies related to the metaverse compete with companies from other countries by saying, “We plan to actively support it.”
In January, Seoul showed off a digital version of the city in a place called the metaverse. Cointelegraph says that the South Korean government gave about 2 billion won ($1.6 million) to the project’s first phase.
Still, South Korea keeps up physical checks and balances against threats from across the border. In February, the country issued its first sanctions on its own against certain North Korean organizations and people for stealing cryptocurrency and launching cyberattacks.
Content Source: cointelegraph.com
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