Cardano receives $100 million from EMURGO

The funds will help developers realize projects that build on Cardano

Cardano (ADA) has received a big boost from a massive investment from EMURGO, a blockchain technology company that helps build the Cardano ecosystem.

Either of Announcement from EMURGO states that the company will invest $100 million in Cardano to fund decentralized finance (DeFi), non-fungible token (NFT) and blockchain education projects.

The funds will be raised through two investment products called Emurgo Africa and Emurgo Ventures be used. According to EMURGO, the two financing platforms are already working with three projects focused on Cardano: Adanian Labs, Adaverse and Milkomeda.

Adanian Labs is an Africa-based tech project focused on startups looking to build on the Cardano platform. Adaverse is a venture project associated with Everest Ventures that aims to promote start-ups on the continent that build on the Cardano network. The third project, Milkomeda, is a dcSpark sidechain that enables interoperability between Cardano and Layer 1 solutions.

EMURGO’s cash injection for Cardano comes at an important time for the smart contract platform following the launch of the Alonzo upgrade. The initiatives, which will be pursued throughout the ecosystem, will strengthen Cardano as an important blockchain platform on which to build important solutions.

The many projects pending in DeFi, NFTs and other sectors within the blockchain ecosystem could make Cardano very attractive. In the meantime, investors in the market are likely to factor in such news as a bullish mark, adding to the overall sentiment against Cardano’s ADA Coin.

ADA is currently trading at $2.08 on the exchanges, with the cryptocurrency’s market capitalization of $66.7 billion putting Cardano in third place among the largest blockchain platforms. Ethereum (ETH) and Bitcoin are the two front runners.

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