EMURGO, the commercial arm of the Cardano network, has announced that it will allocate $ 100 million to a new investment vehicle for startups.
This new investment vehicle in the Cardano ecosystem will be accessible to startups and early stage companies that develop solutions on the Cardano network and have the potential for social impact. To this end, the organization has created EMURGO Africa and EMURGO Ventures, each with their own investment thesis. Charles Hoskinson, creator of Cardano and CEO of IOHK, said of the initiative:
âEMURGO’s investments will help shape the future of the Cardano ecosystem, a mature network with a creative and diverse community, developing smart contract capabilities and partnerships across the globe that provide social and financial services. using Cardano’s proven security technology. “
EMURGO Africa will focus on supporting regional startups in need of seed funding and incubation support as well as being located in Africa and will seek to boost the adoption of Cardano as a new technology standard.
EMURGO Ventures, on the other hand, will focus on developed markets by allocating capital for seed investments on startup construction projects related to DeFi, NFT, Blockchain Education and decentralized applications. Ken Kodama, CEO of EMURGO, referred to efforts to expand the Cardano ecosystem saying:
âWe are focusing more than ever on accelerating the development of the Cardano ecosystem with a rich mix of decentralized services aimed at a global community that is increasingly aware of the blockchain. EMURGO is committed to meeting this demand by providing the capital and strategic resources necessary for the companies in our portfolio to scale rapidly and bring new solutions to Cardano â,
With the recent rollout of the Alonzo upgrade, Cardano has seen growing interest from developers looking to take advantage of its new smart contract capabilities. This new EMURGO initiative is certain to stimulate innovation in the network by allowing entrepreneurs to launch their startups and collaborate in the development of the network.