BridgeTower Capital, a private-equity firm that invests in blockchain infrastructure projects, is forming a $20 million fund with the Solana Foundation to develop the blockchain network in the European Union, U.K. and Switzerland.

The fund, the Solana and BridgeTower Capital European Ecosystem Fund, is already conducting due diligence on some projects, BridgeTower CEO Cory Pugh said in an email.It will back projects that are designed to run on the Solana blockchain or integrate with existing Solana applications, as well as those that help develop the Solana ecosystem. Backing could also include the use of server resources in Switzerland, where the Solana Foundation is based.“This partnership will provide focus to both BridgeTower and Solana in Europe on a number of high potential industries like banking and capital markets, manufacturing and supply chain, life sciences, e-government and public services,” Pugh said in a statement.In return it will take an equity stake in the project or tokens.

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