Emurgo to support DeFi and NFT projects with $100 million funding

on Sep 28, 2021
  • Emurgo, Cardano’s subsidiary, has pledged $100 million for the ‘ support of DeFi and NFT projects.
  • The funding will be channeled towards projects in Africa and developed regions.
  • Cardano recently announced its plans to launch its first stablecoin.

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Cardano Blockchain’s official commercial arm, AMURGO, has announced the launch of a $100 million investment fund to invest in early startups. According to the press release, the investment will be channelled towards NFT and DeFi project building impactful solutions on the Cardano blockchain.

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Emurgo Ventures intends to grow its investment base and extend to other developed markets. The goal, according to the report, is to become the seed investor in a number of startups in the DeFi and NFTs industry.

This is not the first investment round Emurgo has raised for such projects. It has already completed funding for dozens of similar projects on the Cardano (ADA/USD) network through its collaboration with SOSV.

Chief Executive Officer of Emurgo, Ken Kodama, commented on the funding. He said that the company wants to speed up the development of Cardano ecosystem.

The company reiterated that it is focused on meeting the DeFi and NFT demand by providing strategic resources and funding capital for the portfolio companies. EMURGO is also looking to bring new solutions to the Cardano ecosystem.

Charles Hoskinson, Chief Executive Officer IOHK, Cardano’s parent company, stated that the funding will go a long way in shaping the future of the Cardano ecosystem. According to him, this will improve the overall capability of the network for the diverse Cardano community.

More Support for NFT and DeFi projects

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Cardano has also been collaborating with other players in the industry to accelerate the development of the DeFi industry.

The company plans to launch its first stablecoin, and earlier this week, it teamed up with Chainlink (LINK/USD) to develop DeFi smart contacts.

According to the announcement, the fund will consist of two subsidiaries – EMURGO Ventures and AMURDO Africa. Each of the investment areas will be handled differently.

AMUGO Ventures will concentrate on developed markets, with the goal of building blockchain developer education tools, NFT projects, DeFi services, as well as other dApps on the network.

On the other hand, EMUGO Africa will be supporting more than 300 regional startups in Africa via incubation and seed funding. According to the announcement, the aim is to make Cardano the main technological platform for adoption across the African continent.