Cardano to pump $100 Million into Decentralized Finance projects
Cardano is set to invest $100 million into the development of decentralized finance projects, through its financial arm, Emurgo. According to the announcement, the leading cryptocurrency project will be creating 2 subsidiaries for this task, with one fully focused...
Cardano is set to invest 100 million into the development of decentralized finance projects through its financial arm EmurgoCardano is set to invest $100 million into the development of decentralized finance projects, through its financial arm, Emurgo. According to the announcement, the leading cryptocurrency project will be creating 2 subsidiaries for this task, with one fully focused on Africa-based startup firms that are on the Cardano blockchain.
Cardano Boosts DeFi Ecosystem With $100 Million
Emurgo hopes to begin the improvement of Cardano-related products by directly injecting $100 million into these two subsidiaries as they both work towards enlarging the company’s ecosystem.
One of the subsidiaries, which is to be called Emurgo Ventures, will be responsible for providing seed funding to companies that offer Cardano-related products like decentralized finance platforms, and NFT platforms. The funding will allow such businesses to take full advantage of the improved strengths of the Cardano blockchain.
Speaking about the recent moves of the crypto project as a whole, Emurgo’s CEO Ken Kodama explained the company’s laser focus on speeding up the enlargement of Cardano’s ecosystem, and generally increasing the global recognition and awareness of its blockchain.
Africa First on Cardano’s Mind
One thing has always been very clear with Cardano’s representatives. They never shy away from admitting the fact that the company’s goal is to be the one to pioneer the adoption of cryptocurrency-based solutions in Africa. Clearly, Africa suffers some serious financial inadequacies, and also has a large percentage of residents that use no banks, therefore, Cardano might just be banking on these issues to penetrate the region.
So in order to meet the demands of this goal, Emurgo has launched its second subsidiary called Emurgo Africa. This subsidiary will be supporting no less than 300 startups in the region through ‘seed funding and incubation’. With this, Cardano could well become one of the most used chains in the region, if not the most used. Meanwhile, the funding will prioritize projects that already use Cardano over other kinds of projects.
The overall aim of this expansion, is to build a reliable defi ecosystem that will compete with other solutions that are already established such as Avalanche, Ethereum , and Solana.
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