The Cardano (ADA) ecosystem is getting a major investment from blockchain tech firm EMURGO.
In a tweet, EMURGO says it is injecting $100 million into the Cardano ecosystem via an investment vehicle to bolster development in several key areas, including decentralized finance (DeFi) and non-fungible token (NFT) technology.
“EMURGO to invest $100M in Cardano ecosystem to accelerate DeFi, NFT solutions, and blockchain education!”
The Cardano ecosystem’s investment vehicle will be split into two entities, each with a distinct focus area, EMURGO Africa and EMURGO Ventures.
“EMURGO Africa aims to support more than three hundred regional startups through seed funding and incubation, to ultimately have Cardano’s blockchain adopted as the technological platform standard in Africa for socially impactful solutions.
EMURGO Ventures will focus on other developed markets to facilitate the building of solutions and services on Cardano with a capital allocation for seed investments into a variety of Cardano-focused startups and middleware solutions companies, including those building decentralized financial services (DeFi), non-fungible token (NFT) projects, blockchain developer education tools, and other decentralized applications.”
Cardano founder Charles Hoskinson says,
“EMURGO’s investments will help to shape the future of the Cardano ecosystem [by] growing smart contract capabilities and partnerships across the globe.”
EMURGO Africa has partnered with Africa-focused firms Adanian Labs and Adaverse to expand the Cardano ecosystem on the continent. Adanian Labs is a venture building studio operator, and Adaverse is a Cardano-focused accelerator program.
Emurgo Ventures has meanwhile injected seed investment into a Cardano sidechain project called Milkomeda.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/GrandeDuc