Cardano’s commercial arm, Emurgo, will invest $100 million (£73 million) to a fund dedicated to DeFi, NFTs, and Cardano blockchain education.
As part of the initiative, Emurgo will focus on helping new and emerging DeFi and NFT enterprises, as well as creating Cardano-centric educational programmes that will be catered to crypto investors around the world.
The update was announced during the Cardano Summit 2021 last Saturday, September 25. Emurgo’s creator and CEO, Ken Kodama, said that the funds would be used to “accelerate the development of the Cardano ecosystem.”
Top Facts You Need To Know About Emurgo
Emurgo has already invested in a number of Cardano projects, including the EVM-compatible Milkomeda sidechain, a major upgrade that happened last month which unlocked the network’s smart contract capabilities, allowing developers to build decentralised apps on mainnet.
Emurgo has been an important contributor to Cardano from its inception through engaging with developers, startups, companies, and governments. The firm has stated that it would begin supporting the blockchain ecosystem’s ecosystem next year via “dedicated operations.”
Emurgo’s funding effort will run alongside Input Output’s Crypto Fund, another venture capital fund focused on strategic network investments. There is also Project Catalyst, a community-run decentralised fund with over $1 billion in an on-chain treasury.
Up to this day, Cardano is one of the most well-funded blockchain projects, and its advocates are bullish about the ecosystem’s prospects. The $100 million investment by Emurgo may be critical in this matter.
Emurgo To Widen Blockchain Access To Africa, In Order To Attract DeFi Members
The organization also intends to use Cardano to promote blockchain education projects throughout the continent.
Over the last year, the market for decentralised finance (DeFi) has grown at an exponential pace. In response to high market demand, DeFi services such as decentralised finance and trading have also grown quickly.
Because the Ethereum blockchain already supported smart contracts, it was a natural option for a large number of DeFi applications. Yet several Ethereum alternatives, on the other hand, are gaining traction. Coins in this category include Binance Smart Chain, Avalanche, and Solana.
Cardano CEO Charles Hoskinson, has said that blockchain will be crucial to the DeFi 2.0 revolution. He emphasizes that this latest funding seeks to expand the number of Cardano blockchain platform members.
Djed Stablecoin Authenticates Cardano’s Reliability
Another major development happening in Cardano is the new stablecoin named Djed brought by the COTI platform which was developed inside the Cardano network. Djed is a smart contract-based algorithmic crypto coin that ensures price stability, which is less known compared to other major cryptocurrencies.
Charles Hoskinson explained that the Djed stablecoin has the potential to be a game changer in the cryptocurrency industry whilst appealing to a whole new audience at a time when the business is already thriving. “It is wonderful to have them on board for this new venture,” he said.
He also affirmed that Djed coin shares their commitment to formal verification, showing a reliable method of reducing cryptocurrency market volatility.
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