Cardano lands $100M boost for its DeFi and NFT projects

Cardano lands $100M boost for its DeFi and NFT projects

The funds will help developers undertake projects built on Cardano

Cardano (ADA) has received a major boost in the form of a massive investment from EMURGO, a blockchain technology company helping build the Cardano ecosystem.

An announcement from EMURGO says that the firm will invest $100 million into Cardano to help fund projects in the decentralised finance (DeFi), non-fungible token (NFT) and blockchain education fields.

The funds are set to be used under two investment vehicles dubbed Emurgo Africa and Emurgo Ventures. According to EMURGO, the two funding platforms are already working with three Cardano-focused projects: Adanian Labs, Adaverse and Milkomeda.

Adanian Labs is an Africa-based tech project focused on startups that are seeking to build on the Cardano platform. Adaverse is a venture project linked to Everest Ventures and seeks to incubate startups on the continent that are building on the Cardano network. The third project, Milkomeda, is a dcSpark sidechain allowing for interoperability between Cardano and Layer 1 solutions.

EMURGO’s injection of cash into Cardano comes at a key period for the smart contract platform following the launch of the Alonzo upgrade. The initiatives being pursued across the ecosystem are set to add to Cardano’s strength as a major blockchain platform upon which key solutions are set to be built.

The many projects coming up in DeFi, NFTs and other sectors within the blockchain ecosystem could make Cardano very attractive. Meanwhile, in the market, investors are likely to factor in such news as a bullish marker, adding to the overall sentiment about Cardano’s ADA coin.

ADA is currently trading around $2.08 across exchanges, with the cryptocurrency’s market cap of $66.7 billion ranking Cardano third among the largest blockchain platforms. Ethereum (ETH) and Bitcoin are the top two.

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