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Emurgo has announced that it will contribute $100 million to a fund focused on DeFi, NFTs, and education for the Cardano blockchain.
Emurgo to support the Cardano ecosystem
Emurgo, the trading arm of Cardano, will invest $100 million in funding for crypto startups on the blockchain.
The company announced the modernization at Cardano Summit 2021. Under this initiative, Emurgo will allocate capital to grow the Cardano ecosystem. The company will focus on supporting startups operating in DeFi and NFTs, and launching educational programs focused on Cardano.
Investment discussion, Emurgo founder and CEO Ken Kodama She said The company was aiming to “accelerate the development of the Cardano ecosystem”.
Emurgo has already invested in several Cardano projects, including the EVM-compatible side series Milkomeda.
Since the launch of the Alonzo era, the project has made great strides to focus on developing its ecosystem. Alonzo hardfork enabled smart contract functionality on the network, paving the way for the project to launch dApps on the mainnet.
It is believed that DeFi projects will go live on the network once teams have developed scaling solutions to adapt to Cardano’s eUTXO model. Cardano is one of the most well-funded blockchains, and its followers hope that the ecosystem will evolve over the coming months.
Emurgo’s $100 million could play an important role in this process. Since its inception, Emurgo has been a primary contributor to Cardano by dealing with developers, startups, foundations, and governments. The company confirmed that it will move to “dedicated operations” to fund the blockchain ecosystem from next year.
The Emurgo funding project will run in addition to the cFund of Input Output, another venture capital investment fund for strategic investments in the network. There is also Project Catalyst, a decentralized, community-run fund that stores more than $1 billion in an on-chain vault.
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