Cardano’s Founding Entity Emurgo Will Invest Over $200 Million To Strengthen The Ecosystem
The creator of Emurgo, a Cardano development lab, Ken Kodama, told on the sidelines of the current Token 2049 conference on Thursday that the company will spend over $200 million to assist the ecosystem’s growth over the next three years.
Emurgo, a founding member of the Cardano protocol, creates goods, services, and software programs that aid in the expansion of the network.
The funds, which come from Emurgo’s own money, will be given to projects that are directly built on top of Cardano as well as to projects from other networks that are developing goods that combine Cardano’s network with their own.
According to Kodama, Emurgo’s African investment program will allocate $100 million for investments in Africa. He clarified that the use of lending and borrowing crypto services intended for daily life, as opposed to speculative motives, was a key growth driver in the region.
Kodama acknowledged that the Cardano network’s growth had been rather modest
He did, however, emphasize that Cardano was now equipped with the infrastructure required to expand and scale the network in the ensuing years safely.
The eagerly anticipated Vasil hard fork went live earlier this month for Cardano. Decentralized applications (dapps), which run on a blockchain system without a central administrator, and smart contracts will be made possible on the network as a result of the fork.
The blockchain networks Near and Avalanche already introduced their own ecosystem funds to assist network expansion and advancements.
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