Cardano’s founding entity has pledged to roll out $200 million for projects on the blockchain.
Africa’s blockchain projects will take half of the money as Emurgo marks $100 million for the continent’s blockchain development.
With more DeFi projects, Cardano bulls still believe the blockchain will overtake Ethereum.
Cardano’s growth receives another boost as the user dubbed ‘Ethereum killer’ plans to boost its decentralized application (DApp) base.
Cardano’s founding entity, Emurgo, will invest $200 million in the Cardano ecosystem over the next three years to develop more decentralized applications on the network. Speaking at the Token 2049 conference, Ken Kodoma, founder of Emurgo, made this known while commenting on the future of the network.
The financial package will be distributed among selected projects built on the blockchain to encourage and ease their growth. The funds will also be available to developers that create outside the Cardano ecosystem but develop projects that integrate the Cardano network with the external blockchain.
Kodoma added that African projects would receive half of the money under Emurgo’s Africa Investment Initiative. Blockchain development in Africa has been at the heart of the Cardano foundation, with Ethiopia and other countries receiving investment funds from the network. Kodoma explained that the continent’s driver was the availability of funds for daily digital asset lending and borrowing, which the company seeks to provide.
Emurgo has contributed immensely to the growth of Cardano over the years by developing and sponsoring projects that help support the ecosystem. Although Kodoma admitted that the development of Cardano has been slow compared to other blockchains, he feels the network has come a long way with many more upgrades.
Cardano building in the throes of the crypto winter
Cardano has taken the silver lining of the dark cloud of the fall in prices to launch an array of new technical innovations. Top of the list for the network is the Vasil upgrade which Hoskinson says is poised to enhance scalability and improve transaction throughput speeds and smart contract functionality.
“With every HFC event, Cardano continues to deliver on its potential to be something better for the world’s system,” said Charles Hoskinson, Cardano’s founder.
Despite this, Cardano has fallen short compared with Ethereum in many areas. The price of ADA, its native token, trades at $0.432, a shadow of its $2.11 price by Sept 2021. ADA has had a bearish September, although bulls eye a stronger end of the year with new projects being added. Ethereum (ETH), on the other hand, has performed poorly following its Merge, which was meant to “silence” all ETH killers.