Skip to main content

Cardano to Invest $100 Million to Fund Decentralized Finance Projects

cardano

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.



from Bitcoin News https://ift.tt/3kQpnVO
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...
Post a Comment
Read more