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Cardano Investing $100 Million to Fund DeFi

Emurgo, the financial arm for leading cryptocurrency project Cardano has announced that it will invest $100 millions in the development and maintenance of decentralized finance-based products. Two subsidiaries will be created by the company for this purpose, one dedicated to encouraging the creation of African-based startups that use Cardano’s blockchain in the development and implementation of their products.

Cardano Supports Infrastructure With $100 Million

Emurgo, Cardano’s financial arm, plans to jumpstart the development and production of Cardano-related products. It will direct $100 million to two investment vehicles. Although each subsidiary will have a different focus, they will all contribute to the expansion of Cardano’s ecosystem.

Emurgo Ventures will be the first to provide seed funding for companies that include Cardano in product development. To take advantage of Cardano’s newly activated capabilities, these products could include NFT platforms or decentralized finance (defi), platforms.

Ken Kodama, CEO Emurgo, stated that this was the truth.

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.

Africa in the Forefront

Cardano’s representatives have one goal. They want to be the first to capitalize on the potential of Africa when it comes time to adopt cryptocurrency-based solutions. The reason is that the region has high levels of financial inefficiency and large numbers of unbanked people.

Emurgo launched Emurgo Africa, its second subsidiary. This subsidiary will support three hundred startups in Africa through seed funding and incubators, to make Cardano one the most popular chains in the region. According to statements, this funding will prioritize projects that use Cardano in order to provide socially-impactful solutions over all other types of projects.

These solutions all aim to create a rich, decentralized financial ecosystem that leverages the smart contract features that the chain introduced earlier this month with the Alonzo hardfork. It is our goal to create a vibrant defi community that can compete with other solutions such as Solana and Ethereum.