Cardano To Sink $100 Million into DeFi Projects Utilizing Its Ecosystem
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Emurgo, the financial division of Cardano (ADA), has announced its plan to launch the development of Cardano-related products by allocating $100 million to two investment subsidiaries. These investment vehicles will have separate investment mandates but will also add to the expansion of the Cardano ecosystem.
The first subsidiary, dubbed Emurgo Ventures, will focus on raising seed funding for companies that include Cardano in the development of their products. These products could include non-fungible token (NFT) and DeFi platforms/projects, to utilize the newly-launched Alonzo Mainnet.
Commenting on the development, Emurgo’s CEO Ken Kodama noted that:
“We are more focused than ever on accelerating the development of Cardano’s ecosystem with a rich mix of decentralized services catering to a global community that is increasing in overall blockchain awareness.”
The Cardano team aims to become the first to tap into the potential of the crypto-based solution locked in the African market. This comes as the region suffers from inefficient financial systems and has a wealth of unbanked residents.
To step up to the occasion, Emurgo’s second subsidiary, dubbed Emurgo Africa, focuses on the African market. This subsidiary would provide technical and financial support to 300 startups in the region to spread the reach and adoption of the Cardano blockchain.
Key Cardano Levels to Watch — September 29
ADA continued on a bearish slide yesterday ahead of the US infrastructure bill vote tomorrow. However, a mild bullish momentum pervaded the market on early Wednesday, as the broader market records a significant recovery.
The first target for the fourth-largest cryptocurrency is the $2.300 – $2.400 resistance area, which, if broken, could propel the price back above the $2.500 area. However, we might not see such bullish strides until after the vote, due to the scarcity of trading volume.
Meanwhile, our resistance levels are $2.200, $2300, and $2.400, and our support levels are $2.100, $2.000, and $1.950.
Total Market Capitalization: $1.95 trillion
Cardano Market Capitalization: $68.2 billion
Cardano Dominance: 3.62%
Market Rank: #4
