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Emurgo Dedicates $100M to Fund DeFi and NFTs on The Cardano Ecosystem

Emurgo took to their official Twitter account on the 26th of Sep 2021 to confirm the announcement that they are ready to invest $100M in the Cardano ecosystem. Emurgo had made this announcement at the Cardano Summit.

Cardano ‘Stretches’ to Support DeFi, NFTs, and Blockchain Education

On the 26th of Sep 2021, Emurgo, the commercial of crypto giant Cardano, took to its official Twitter account to confirm that it intends to invest $100M in Cardano’s Ecosystem. The vast funding will support the development of DeFi and NFTs on Cardano’s Smart contracts protocols. Part of this funding will also facilitate Blockchain education in support of Cardano.

The Blockchain software company said it would invest this amount of cash to help bolster the adoption of the Cardano DeFi ecosystem. The announcement came during the Cardano Summit of 2021. Ken Kodama, Emurgo CEO, also confirmed this announcement through his official Twitter account.

In his post, he also added that everyone should feel free to contact them if they need Cardano’s investment funds. He also said that Emurgo will create a reliable operation from 2022.

Emurgo’s Support Towards DeFi And NFTs

Emurgo is out to support Cardano’s growing ecosystem through an investment worth a hundred million U.S dollars. This firm is targeting to encourage the start-ups of DeFi and NFT projects on Cardano’s chain.

It will also sponsor Cardano-centred blockchain education. During the Cardano Summit, Emurgo founder and CEO Ken Kodama said that his firm aimed to help accelerate the development of the Cardano ecosystem.

Emurgo has previously invested in other projects on Cardano Ecosystem like EVM- compatible blockchain, Milkomeda. Since Alonzo Hardfork, Cardano now has Smart contracts that allow other blockchain projects to run on its network.

Investors expect DeFi projects to start going live on Cardano’s network once scaling solutions are developed to adopt Cardano’s eUTXO model is underway.

Now, Emurgo’s investment will play a critical role in initializing projects on the Cardano ecosystem. Emurgo has played a vital role in the development of Cardano since its inception by Kodama. Emurgo’s investment will work with cFund, another capital venture fund for Cardano’s network.

Smart Contract Projects’ Influence on Crypto Markets

Many cryptocurrencies are currently harboring Smart contracts for minting NFTs and Supporting DeFi. This trend started with ETH, which Vitalik crafted differently from BTC back in 2015.

Now, even BTC is about to adopt Smart contracts after its taproot upgrade, scheduled for mid-November 2021. Ripple has also partnered with Bhutan to develop its CBDC on the XRP ledger.

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If this trend continues, Smart contracts will give cryptocurrencies a chance at better adoption due to their support on new and ‘hot ‘projects like NFTs and DeFi.

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