Emurgo, the financial arm of leading cryptocurrency project Cardano, has announced it will invest $100 million in the development of decentralized finance-based products for the ecosystem. The company will spin two subsidiaries for this task, with one being fully dedicated to incentivizing the creation of Africa-based startups that use the Cardano blockchain in the development of their products.
Cardano to Push Ecosystem With $100 Million
Emurgo, the financial arm of Cardano, is planning to kickstart the development of Cardano-related products by directing $100 million to two new investment vehicles. The subsidiaries will have different focuses, but will both contribute to widening the Cardano ecosystem.
The first one, called Emurgo Ventures, will have the task of providing seed funding to interesting companies that involve Cardano in the development of their products. These products could include NFT platforms and decentralized finance (defi) platforms to take advantage of the newly developed capabilities that the Cardano blockchain has activated.
On this, Emurgo’s CEO