Cardano Ecosystem Receives $100M to Fund DeFi, NFTs
Emurgo is hoping to accelerate the growth of Cardano's DeFi ecosystem.
Emurgo has announced it will contribute $100 million to a fund focused on DeFi, NFTs, and education for the Cardano blockchain.
Emurgo to Support Cardano Ecosystem
Emurgo, the commercial arm of Cardano, will invest $100 million to finance crypto startups on the blockchain.
The firm announced the update at Cardano Summit 2021. Under the initiative, Emurgo will allocate capital towards growing Cardano’s ecosystem. The firm will focus on supporting startups working in DeFi and NFTs, and launch Cardano-centric education programs.
Discussing the investment, Emurgo founder and CEO Ken Kodama said that the firm was aiming to “accelerate the development of the Cardano ecosystem.”
Emurgo has already invested in several Cardano projects, including the EVM-compatible sidechain Milkomeda.
Since launching the Alonzo era, the project has made strides to focus on its ecosystem development. The Alonzo hardfork enabled smart contract functionality on the network, which paves the way for project to launch their dApps on mainnet.
It is thought that DeFi projects will go live on the network once teams have developed scaling solutions to adapt to Cardano’s eUTXO model. Cardano is one of the most well-funded blockchains, and its followers are hoping that the ecosystem will develop over the coming months.
Emurgo’s $100 million could play a critical role in that process. Since its inception, Emurgo has been a core contributor to Cardano by engaging with developers, startups, enterprises, and governments. The firm has confirmed it will move to “dedicated operations” of funding the blockchain’s ecosystem starting next year.
Emurgo’s funding project will run in addition to Input Output’s cFund, another capital venture fund for strategic investments in the network. There’s also Project Catalyst, a community-governed decentralized fund with over $1 billion stored in an on-chain treasury.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
What Is Going Live on Cardano After Alonzo Launches?
Cardano’s Alonzo hardfork, which brings smart contract functionality to the network, is going live on Sep. 12. However, it could be several months before DeFi comes to mainnet due to...
Cardano Successfully Launches Alonzo Hardfork
News Sep. 13, 2021
Cardano has forked its network to launch Plutus smart contracts. Cardano Implements Plutus Smart Contracts Cardano has entered a new development phase after initiating Alonzo on mainnet. The hardfork took...
How to Trade Using the Inverse Head and Shoulders Pattern
In stock or cryptocurrency trading, you may have heard of the term “inverse head and shoulders.” Also known as the “head and shoulders bottom” formation, the inverse head and shoulders chart pattern can...
Cardano Announces dAppStore for Certified DeFi Applications
News Sep. 23, 2021
Input Output (IOHK), the development company behind Cardano, has announced the upcoming store for decentralized applications on the network, called Plutus dAppStore. In this storefront, developers will be able to...
SNEKbot by DexHunter on CARDANO
Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!