Fun

Cardano to Invest $100 Million to Fund Decentralized Finance Projects

News Feed - 2021-09-29 04:09:50

Cardano to Invest $100 Million to Fund Decentralized Finance Projects


Emurgo, the financial arm of leading cryptocurrency project Cardano, has announced it will invest $100 million in the development of decentralized finance-based products for the ecosystem. The company will spin two subsidiaries for this task, with one being fully dedicated to incentivizing the creation of Africa-based startups that use the Cardano blockchain in the development of their products. Cardano to Push Ecosystem With $100 Million


Emurgo, the financial arm of Cardano, is planning to kickstart the development of Cardano-related products by directing $100 million to two new investment vehicles. The subsidiaries will have different focuses, but will both contribute to widening the Cardano ecosystem.


The first one, called Emurgo Ventures, will have the task of providing seed funding to interesting companies that involve Cardano in the development of their products. These products could include NFT platforms and decentralized finance (defi) platforms to take advantage of the newly developed capabilities that the Cardano blockchain has activated.


On this, Emurgo’s CEO Ken Kodama stated: We are more focused than ever on accelerating the development of Cardano’s ecosystem with a rich mix of decentralized services catering to a global community that is increasing in overall blockchain awareness. Prioritizing Africa


Cardano’s representatives have a clear goal, and that is to be the first to harness the potential that Africa has when it comes to adopting cryptocurrency-based solutions. This is due to the fact that the region suffers from financial inefficiencies, and has a large percentage of unbanked residents.


Seeking to meet this demand, Emurgo has launched its second subsidiary called Emurgo Africa. The goal of this subsidiary is to support three hundred startups in the region through seed funding and incubation, in order to make Cardano one of the most used chains in the region. This funding, according to statements, will prioritize projects that use Cardano to provide socially impactful solutions over other kinds of projects.


All of these solutions are focused on creating a rich decentralized finance ecosystem that harnesses the new smart contracts features the chain introduced with the Alonzo hard fork earlier this month. The goal is to build a vibrant defi ecosystem to compete with other solutions already known by their platforms such as Ethereum, Solana, and Avalanche.


What do you think of Emurgo’s investment to incentivize the use of Cardano? Tell us in the comments section below. China"s Great Firewall Censors Crypto Websites Coingecko, Coinmarketcap, Tradingview NEWS | 5 hours ago Green Bay Packers Running Back Aaron Jones Joins Crypto Exchange FTX"s Ambassador Team NEWS | 15 hours ago Tags in this story alonzo, Cardano, Cryptocurrency, emurgo, emurgo africa, emurgo ventures, Smart Contracts


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Report Shows Crypto Derivatives Volumes Soared 32% to a Record $602 Billion in May
Report Shows Crypto Derivatives Volumes Soared 32% to a Record $602 Billion in MayCryptocurrency derivatives trading volumes climbed 32% in May to a new record high of $602 billion,
Pfizer’s Pandemic Vaccine News Fails to Dampen Interest in Bitcoin
Pfizer"s Pandemic Vaccine News Fails to Dampen Interest in Bitcoin The recent announcement by Pfizer of a potential Covid-19 vaccine sparked an immediate rally o
Bitcoin of America Is Working to Solve the Gender Problem in the Cryptocurrency Industry
Bitcoin of America Is Working to Solve the Gender Problem in the Cryptocurrency Industry sponsored The cryptocurrency industry has a big gender problem when it comes to female invol
JPMorgan CEO Jamie Dimon Calls Bitcoin ‘Hyped-up Fraud’ — Expects Satoshi Nakamoto to Increase BTC Supply Cap
JPMorgan CEO Jamie Dimon Calls Bitcoin "Hyped-up Fraud" — Expects Satoshi Nakamoto to Increase BTC Supply Cap JPMorgan Chase CEO Jamie Dimon calls bitcoin “a hyped-up frau
Arkham’s top 5 doxed crypto hodlers own $3.5B, but 35% is untouchable
Martin Young2 hours agoArkham’s top 5 doxed crypto hodlers own $3.5B, but 35% is untouchableAround $1.2 billion worth of crypto in the top five holders’ wallets have been flagged as ‘inaccessible’ due to lost pri
Derek Andersen2 hours agoFTX deposits went to account controlled by Alameda for months, Yedidia testifiesYedidia was involved in writing a buggy program to automate FTX customer deposits and withdrawals and was concerned
Swiss National Bank: ‘Buying Bitcoin Is Not a Problem for Us’
Swiss National Bank: "Buying Bitcoin Is Not a Problem for Us" Switzerland’s central bank, the Swiss National Bank, says buying and holding bitcoin as a reserve currency is n
Whales Accumulate 40 Million XRP In 48 Hours – Where’s The Price Headed?
Este artículo también está disponible en español. Popular crypto analyst Ali Martinez shared data suggesting an interesting accumulation trend among XRP investors despite
Nigeria begins review of its blockchain technology policy
Amaka Nwaokocha11 hours agoNigeria begins review of its blockchain technology policyThe steering committee’s work is actively toward Nigeria taking a leadership position in African blockchain development.1198 Total vie
Bitcoin Sharks & Whales Continue To Accumulate: Stage Set For New All-Time High?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Coinbase Confirms ‘No Financing Exposure’ to Bankrupt Crypto Firms Celsius, Voyager, Three Arrows Capital
Coinbase Confirms "No Financing Exposure" to Bankrupt Crypto Firms Celsius, Voyager, Three Arrows Capital Crypto exchange Coinbase has confirmed that the company “had no fin
Bank of England’s Cunliffe Warns Crypto Is ‘Prone to Collapse’ — Touts ‘Same Risk, Same Regulatory Outcome’
Bank of England"s Cunliffe Warns Crypto Is "Prone to Collapse" — Touts "Same Risk, Same Regulatory Outcome" Bank of England’s deputy governor for financial stability, Sir