Business In News
- Founding protocol Emurgo plans to invest $200 million or more to support Cardano’s ecosystem.
- Emurgo’s investment will bootstrap projects building on Charles Hoskinson’s network.
- Protocols on other blockchains with Cardano integrations will also receive support from the investment package, per a CoinDesk report.
- $100 million will power the developer’s African investment program to bolster blockchain progress in the region.
- Emurgo’s announcement comes shortly after the Vasil Hard Fork went live on September 23.
A CoinDesk report on Thursday revealed that blockchain infrastructure developer Emurgo plans to invest at least $200 million from its own funding into the Cardano ecosystem. The funds will support growth and bolster development on the blockchain over a three-year period, per the report.
Emurgo’s founder Ken Kodama disclosed the strategy during the ongoing Token 2049 conference in Singapore. Kodama said that the funds will fuel key innovations in Cardano’s ecosystem and drive adoption for the network.
Kodama’s startup is reportedly a founding stakeholder in Charles Hoskinson’s chain. Emurgo focuses on building infrastructure, products, and other key network components geared towards growing ADA’s chain.
Details from Thursday’s news explained that Emurgo’s $200 million investment will target three categories. Kodama said network-native projects will receive funding from the capital package alongside protocols on other chains that support Cardano integration.
Also, Emurgo will designate $100 million to bootstrap its African investment program and back crypto growth in the region.
Cardano Vasil Upgrade Now Live
Emurgo’s investment news comes on the heels of Vasil’s Hard Fork. The update went live between September 22 and September 23 after a series of delays in deployment.
As EWN reported, Vasil kits ADA’s chain with smart contract functionality. This opens up the path for developers to build decentralized applications (dapps) and other key web3 solutions on Cardano’s network.