Cardano Will Allocate $ 100 Million To Support the Ecosystem!

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The leading cryptocurrency project CardanoEmurgo, the financial arm of , has announced that it will invest $ 100 million in the development of decentralized finance-based products for the ecosystem. The company will create two subsidiaries for this task, one of which will be fully dedicated to promoting the creation of Africa-based startups that use the Cardano blockchain in the development of their products.

Cardano Will Support the Ecosystem with $ 100 Million

Cardano’s financial arm Emurgo, it plans to start developing Cardano-related products by redirecting $ 100 million to two new investment vehicles. Affiliates will have different focal points, but both will contribute to the expansion of the Cardano ecosystem.

The first, called Emurgo Ventures, will have the task of providing seed financing to interesting companies that include Cardano in the development of their products. These products may include NFT platforms and decentralized finance (defi) platforms to take advantage of the newly developed capabilities enabled by the Cardano blockchain.

About this, Ken Kodama, CEO of Emurgo, said:

We are more focused than ever on accelerating the development of the Cardano ecosystem with a rich mix of decentralized services that cater to a global community growing in overall blockchain awareness.

Africa Will Be Given Priority

Cardano its representatives have a clear goal, and this is to become the first organization to take advantage of the potential that Africa has in adopting cryptocurrency-based solutions. This is due to the fact that the region suffers from financial inadequacies and has a large percentage of people without financial access.

To meet this demand, Emurgo has launched its second subsidiary called Emurgo Africa. The purpose of this subsidiary is to support three hundred startups in the region through seed financing to make Cardano one of the most used chains in the region. According to the statements, this financing will give priority to projects that use Cardano to provide socially effective solutions compared to other types of projects.

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