EMURGO, a blockchain solutions company and the commercial arm of Cardano, plans to invest $100 million (£73m) into the network’s ecosystem.
In a tweet, the company said the funds will be used to “accelerate DeFi, NFT solutions and blockchain education”.
The announcement came during the Cardano 2021 Summit on September 26.
EMURGO CEO Ken Kodama followed the announcement with another tweet, saying: “Please contact us if you would like to receive investment funds, our network, information and management support. We will create a dedicated operation from 2022.”
Having recently implemented smart contract functionality to the Cardano ecosystem with the Alonzo hardfork, the network’s developers (IOHK) are now hoping to ramp up user adoption and use cases.
As well as its most notable competitor, Ethereum, a number of other networks are attempting to attract DeFi projects to their blockchain. This includes names like Binance Smart Chain, Avalanche, Solana and more.
With its ADA token having recently become the third largest cryptocurrency in the world by market cap, Cardano’s developers will be keen to ensure its utility can match its current market position.
Besides its ambitions in the DeFi and NFT space, Cardano plans to use some of the funds to further blockchain education efforts across Africa.
EMURGO also announced on Sunday it would be pouring additional funding into African artificial intelligence, blockchain, and smart technologies firm Adanian Labs in support of this venture.
Want to learn more from executives at the heart of this space? The Blockchain IoT Solutions Congress, on November 2 2021, will explore the convergence of these two technologies and the use cases and industries that will benefit.