The funds will help developers get on Cardano. to carry out constructive projects
Cardano (ADA) received a huge boost in the form of a massive investment from EMURGO, a blockchain technology company that is helping build the Cardano ecosystem.
An announcement by EMURGO said the company will invest $ 100 million in Cardano to fund projects in the areas of decentralized finance (DeFi), non-fungible tokens (NFT), and blockchain education.
The funds are to be used through two investment vehicles called Emurgo Africa and Emurgo Ventures. According to EMURGO, the two financing platforms are already working with three Cardano-focused projects: Adanian Labs, Adaverse and Milkomeda.
Adanian Labs is an Africa-based technology project focused on startups looking to build on the Cardano platform. Adaverse is a venture project associated with Everest Ventures that aims to incubate startups on the continent that are building on the Cardano network. The third project, Milkomeda, is a dcSpark sidechain that enables interoperability between Cardano and Layer 1 solutions.
The cash injection from EMURGO in Cardano comes at an important time for the smart contract platform after the introduction of the Alonzo upgrade. The initiatives being pursued across the ecosystem will reinforce Cardano’s strength as a large blockchain platform on which key solutions are to be built.
The many upcoming projects in DeFi, NFTs and other sectors within the blockchain ecosystem could make Cardano very attractive. In the meantime, investors in the market are likely to consider such news as bullish markers that add to general sentiment about Cardano’s ADA coin.
ADA is currently trading at around $ 2.08 across exchanges, with the cryptocurrency’s market capitalization of $ 66.7 billion taking Cardano’s third place among the largest blockchain platforms. Ethereum (ETH) and Bitcoin are the first two.