Emurgo, Cardano’s commercial and venture arm, is committing $100 million to help the world’s fourth-largest blockchain expand its decentralized finance (DeFi), non-fungible token (NFT) businesses, and blockchain education efforts.
Emurgo CEO Ken Kodama announced the investment during the Cardano Summit 2021 on Sunday, saying it would “accelerate the development of the Cardano ecosystem.”
Emurgo Ventures would be in charge of allocating the first investment fund, which would be responsible for assisting new initiatives and providing seed capital to firms developing Cardano-based products.
The funds would be directed towards two initiatives with a separate focus which would contribute towards the expansion of the Cardano ecosystem.
Adanian Labs, an African artificial intelligence, blockchain, and smart technologies business is set to receive further financing from the investment arm.
Emurgo is one of Cardano’s founding firms, offering solutions to developers, businesses, and the government.
