Cardano’s EMURGO to invest US$100 million to develop DeFi-based products
EMURGO’s CEIV for Cardano in Africa
Cardano’s official commercial (financial) arm EMURGO is set to invest US$100 million in developing DeFi-based products. Smart contracts’ integration into Cardano’s blockchain plus EMURGO’s new investment vehicle shall boost decentralized services’ innovation. These startups will be using and promoting the Cardano blockchain to develop their products. The objective is to promote Cardano blockchain as “the technological platform standard in Africa for socially impactful solutions.”
Emurgo Ptd. Ltd. shall spin two wholly-owned subsidiaries (EMURGO Africa, and EMURGO Ventures) to fulfil this objective. These subsidiaries will be developed as an investment vehicle, known as the Cardano Ecosystem Investment Vehicle (CEIV).
EMURGO Africa (EA) will be totally geared towards incentivizing the creation of startups via seed funding and incubation in the African region. EMURGO Africa has announced further two partnerships. Adanian Labs (a Cardano-specific African joint accelerator program) and Adaverse (an African venture builder) are EA’s new partners. Adanian Labs will support impact-driven startups with EA in Africa, to continent-wide boost the Cardano ecosystem.
EMURGO Ventures (EV) will work towards developing markets to facilitate solutions and services building on Cardano. EV will set a capital allocation in the form of seed investments into various Cardano-specific startups and middleware solutions entities. Even those building DeFi and NFT projects, blockchain developer education tools, and other dApps will be catered. EMURGO Ventures’ debuting seed investment is for Milkomeda (a dcSpark sidechain project that would bridge Cardano and other L1 blockchain protocols, utilizing wrapped ADA (wADA) as an asset.
EMURGO provides Blockchain Solutions globally. A multinational blockchain technology company, EMURGO offers tailored end-to-end solutions for developers, startups, enterprises, and governments
Source : bsctimes