- EMURGO has announced to dedicate US$100 million towards startups building socially impactful solutions using Cardano.
- EMURGO Africa will specifically aim for seed funding and incubating over 300 startups in Africa.
- Cardano has become the third-largest cryptocurrency with a market capitalisation of US$69.48 billion.
EMURGO, the commercial arm of Cardano (ADA) blockchain, has launched a new Cardano ecosystem investment vehicle, focusing on investments into startups. EMURGO develops blockchain and smart contracts solutions for enterprises. It also utilises advanced technologies such as Internet of Things (IoT), Artificial Intelligence (AI) etc. for its enterprise grade solutions.
How is EMURGO injecting US$100 million into the Cardano ecosystem
The new investment vehicle will be a wholly owned subsidiary of parent company EMURGO Ptd. Limited and will further constitute two entities - EMURGO Africa and EMURGO Ventures – each with a different investment thesis. Through these entities, EMURGO is looking to pump in US$100 million into the ecosystem powered by Cardano blockchain.
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EMURGO Africa will specifically aim for seed funding and incubating over 300 startups, building socially impactful solutions powered by Cardano. The vision is to facilitate the adoption of Cardano blockchain in diverse applications across Africa for socially impactful solutions.
For an initial head start, EMURGO Africa has announced two strategic partnerships with Adanian Labs and Adaverse. Adanian Labs is building a studio operator in Africa and will support EMURGO Africa to drive this initiative of expanding Cardano ecosystem across the continent. Adaverse is a joint accelerator program for Cardano in Africa with leading blockchain industry accelerator Everest Ventures.
On the other hand, EMURGO Ventures will focus on developed markets to help build solutions and services using Cardano. It’s funding scope also spreads across non-fungible token (NFT) projects, decentralised financial services (DeFi), etc.
The initial investment of EMURGO Ventures has been earmarked for Milkomeda - a dcSpark sidechain project that helps to bridge Cardano with other Layer 1 blockchain protocols.
The investment of a massive sum of US$100 million into the Cardano ecosystem will help integrate smart contracts with Cardano blockchain. It could play a key role in fuelling entrepreneurship in this landscape.
The fact that Cardano has become the third-largest cryptocurrency with a market capitalisation of US$69.48 billion (according to CoinMarketCap), after Ethereum (ETH) and Bitcoin (BTC), opens up a whole new world of opportunities for Cardano-based developers.