Emergo, the financial arm of Cardano, a leading cryptocurrency project, has announced that it will invest 100 100 million in the development of decentralized money-based products for the ecosystem. For this work the company will spin two affiliates, one of which is entirely dedicated to encouraging the creation of Africa-based startups that use the Cardano blockchain to develop their products.
Cardano will push the ecosystem with 100 million
Emergo, Cardano’s financial arm, plans to start developing Cardano-related products, pointing to নতুন 100 million in two new investment vehicles. Subsidiaries will have different focuses, but both will contribute to widening the Cardano ecosystem.
The first, named Imurgo Ventures, will work to provide seed funding to attractive companies that involve Cardano in developing their products. These products may include NFT platforms and decentralized finance (DIFI) platforms so that Cardano can take advantage of new advanced capabilities to enable blockchain.
In this regard, Ken Kodama, CEO of Emurgo, says:
We are more focused than ever to accelerate the development of Cardano’s ecosystem with a rich blend of decentralized services worldwide which is increasing overall blockchain awareness.
Cardano’s representatives have a clear goal and are the first to harness Africa’s potential in adopting cryptocurrency-based solutions. This is because the region suffers from financial inefficiency, and has a large percentage of bankless residents.
To meet this demand, Emurgo has launched its second subsidiary Emurgo Africa. The subsidiary aims to support 300 startups in the region through seed funding and incubation, making Cardano the most used chain in the region. According to the statement, the fund will prioritize Cardano user projects to provide socially effective solutions over other projects.
All of these solutions have focused on creating a rich decentralized finance ecosystem featuring the chain launched with Alonzo Hard Fork earlier this month using new smart deals. The goal is to create a vibrant defy ecosystem to compete with other solutions already known by their platforms like Ethereum, Solana and Avalanche.
What do you think of Emurgo’s investment in encouraging cardano use? Tell us in the comments section below.
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