SINGAPORE — Cardano commercialization arm Emurgo will invest over $200 million to support the ecosystem’s growth over the next three years, founder Ken Kodama told CoinDesk on the sidelines of the ongoing Token 2049 conference on Thursday.
Emurgo is a founding entity of the Cardano protocol and develops products, services and applications meant to support the growth of the network.
The funds, which are from Emurgo’s own capital, will be provided to projects directly building atop Cardano and to projects from other networks that build products that integrate Cardano’s network alongside their own.
Kodama said $100 million will be earmarked for investments in Africa under Emurgo’s African investment initiative. He explained that a key growth driver in the region was the use of lending and borrowing crypto services meant for daily life, as opposed to speculative purposes.
Kodama added that Cardano was now ready with the infrastructure needed to safely expand and grow the network in the coming years.
Earlier this month, Cardano's long-awaited Vasil hard fork went live. The fork will allow the use of smart contracts and decentralized applications (dapps), which run on a blockchain system without a central administrator, on the network.
Blockchain networks Near and Avalanche have launched their own ecosystem funds to support the growth of and developments on their networks.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.